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    Baxia Markets
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    February 17, 2022

    Silver breaks resistance at $23.16

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    The precious metal is up 0.83% in today's trading session, it broke the resistance at our 23.6% Fibonacci retracement and tested the support on the previous session, now the pair completed the breakout and could continue climbing in the short to mid-term.

     

    The Bollinger bands are wide, which will maintain the high volatility for the pair, it trades in between the bands, suggesting that the price is relatively fair. The pair expedited the Ichimoku cloud and the price could continue the uptrend.

     

    Silver Feb 16th 2022

     

    The relative strength index is at 56%, this would allow the price to continue climbing in the short term, or until it gets closer to the overbought status at 70% but we don't think that would happen until the price reached the next resistance at $24.233.

     

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    precious metals, commodities, trading conditions, technical analysis, trading indicator

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