Baxia Markets
January 05, 2022

Silver could reach resistance

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The precious metal could make a comeback to the 23.4 levels, current price trades above the short-term moving average, indicating that an uptrend can be expected. The price will face resistance on the 23.6% Fibonacci retracement for the third time in less than a week.


The Bollinger bands are opening and they are starting to move up which often indicates an uptrend, the price has some room to climb to 23.44 before passing the upper band, in which case we could see a temporary price correction.


Silver Dec 29th 2021


The relative strength index is at 53% which will allow the price to move up freely until it reaches the overbought status at 70%. The parabolic SAR indicates a downtrend; however, this is a lagging indicator that requires confirmation, which we have not found in other technical indicators.


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