Bullish market is expected
The Silver has reached into a back and forth market in Today trading session. A slight downward trend is observable in the 4H time frame. If we could see the break out around the level of 30, having the buyers more active and moving toward the resistance is more probable
Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
The support rests at 27.626 with resistance at 27.739. The pivot point at 27.682 is located above the price line. The EMA of 10 is moving with bearish bias in the slight descendant channel and it reached the EMA of 100 and is above the EMA of 200. Stochastic is moving in low ranges. The RSI is moving toward oversold area and the ADX is moving horizontally and not showing a clear signal. The MACD histogram is in negative territory.
• There is resistance at 27.739, followed by resistance at 27.795 and 27.852.
• There is support at 27.626. Below, there is 27.569 and 27.513.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.