- Analytics
- News and Tools
- Market News
- Silver Price Analysis: Bears go head to head with bulls near trend line resistance
Silver Price Analysis: Bears go head to head with bulls near trend line resistance
- Silver is meeting key support on the daily chart.
- Beazrs need a break of structure while bulls need to get above trendline resistance.
The price of Silver has run into a key area of daily support that leaves the bias bullish for the near term. The following illustrates this along with the market structure and various scenarios for the foreseeable future.,
XAG/USD daily charts
Silver is on the front side of the bearish trend but the price has run into a potential demand area that could see the bears throwing in the towel.
The above scenario, however, shows a bearish bias with the trendline resistance playing its role in the sell-off below the market structure.
On the other hand, the market has rallied hard into the bearish impulse and is taking out the 50% mean reversion level. A break of the trendline resistance leaves the bullish bias intact. However, that is not to say that the bears will not attempt to sell at a premium which could see the price restest recent lows as its forms structure in a stage of accumulation.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
