Baxia Markets
February 10, 2022

Silver on a 4-day winning streak

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The precious metal is on its way to its 4th consecutive day closing with a profit, the pair managed to make 3.92% in 4 sessions. The price managed to break the resistance level at the 23.6% Fibonacci retracement, currently the price trades above the short and long-term moving average, suggesting that the uptrend would continue at least in the short term.


The Bollinger bands are very wide and this will allow the pair to move more aggressively, higher volatility is expected, the price trades inside the Ichimoku cloud which could be seen as market uncertainty; however, the pair is very close to leaving the cloud, which would strengthen the long signals.


Silver Feb 9th 2022


The relative strength index is at 54% which is a very neutral level that would allow Silver to continue climbing in the short to mid-term, we could see the price reach the $23.8 levels in the short to mid-term if the resistance breakout sticks. 


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

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