Baxia Markets
February 24, 2022

Silver could retrace after a 7 day winning streak

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The precious metal managed to break the resistance levels from our 38.2% Fibonacci retracement at $24.233. The price is likely to find a strong resistance at 24.699 as it's the previous high since November 2021.


The Bollinger bands are wide and continue to open which will bring higher volatility in the upcoming sessions, the pair currently trades closer to the upper band, suggesting that the price is relatively high, which is why we could see a retracement soon.


Silver Feb 23rd 2022


The relative strength index is at 67%, very close to entering an overbought status, in which case the price would drop to gather strength before continuing the upwards trend. Our parabolic SAR indicator suggests that the price will continue climbing, however, this is a lagging indicator. 


The short and long-term moving averages came close to a cross that would indicate a downward trend, which is still a possibility in the upcoming sessions. We have not seen Silver entering an overbought status in the last year.


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

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