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Silver Technical Analysis – Support, Chart Pattern in Focus

Silver Technical Analysis – Support, Chart Pattern in Focus

Paul Robinson, Strategist

Silver Technical Analysis:

  • Sitting on trend-line support after dip from resistance
  • Descending wedge coming into view, set to trigger very soon

Silver price action after turning lower from resistance has smacked of corrective in nature. A descending wedge is forming on the trend-line off the late September low, a pattern that should trigger here very soon.

A top-side break will have resistance from around 24.45/75 in focus. If momentum is strong on approach, then look for it to get cleared and on to the next set of resistance levels via the 200-day moving average and several inflection points in the vicinity of 25.80.

To the contrary, a breakdown out of the wedge and below trend-line support will have silver rolling towards support surrounding 23.

For the full set of details, please check out the video above…

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---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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