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    Baxia Markets
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    April 14, 2022

    Silver finds resistance at $25.87

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    The precious metal is on a six-day winning streak that could come to an end at the end of the session, Silver has not been able to break the resistance at the 23.6% Fibonacci retracement and could pull back to the high $24’s in the short to mid-term.

     

    The Bollinger bands are somehow wide, and volatility should be average, the bands are opening up which would likely bring higher volatility and allow the pair to resume the uptrend in the short term. The upper band acted as a resistance, the price is considered relatively high as the asset traded above that band.

     

    Silver April 13th 2022

     

    The relative strength index is at 60%, there is still some juice to squeeze but RSI is too close to entering the overbought status if the pair is able to break the resistance level at $25.87 we would see it increase rapidly, and then we could expect a stronger retracement. Our parabolic SAR indicator suggests that the price will continue the upward trend in the short term, we would have to wait and see how the asset behaves in the next hours to make a trading decision.

     

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

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