Silver Technical Analysis – Support, Chart Pattern in Focus
What's on this page
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…
Silver Daily Chart
Silver 4-hr Chart
Resources for Forex Traders
Whether you are a new or experienced trader, we have several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and one specifically for those who are new to forex.
---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.