The precious metal has been on an uptrend for the last 9 sessions, it managed to recover more than 9%, the price found a few pullbacks but continued the uptrend. Silver is about to attempt a breakout on the resistance level at $24.23 which is our 38.2% Fibonacci retracement.
The Bollinger bands are opening up aggressively but not fast enough to allow the price to continue rising, the pair trades way above the upper band, suggesting that the price is relatively high, which will likely bring the price down in the short term.
The relative strength index is at 68%, if the price continues to rise in the day, it will enter an overbought status that could push the price down in the short term, once the price makes the correction then the uptrend could continue.
We love to hear new ideas from traders and want to know what you think!
If you like this topic and want to suggest future topics that you find helpful, let us know by clicking the ‘submit your feedback’ button below.
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite.
Nothing contained in this website should be construed as investment advice. Any reference to an investment's past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit.