- July 11, 2023
- Posted by: Lewis Miller
- Category: Market News
Silver Consolidates as Prices Move Sideways, Indicating Balance in Buying and Selling Pressure
Silver has entered a consolidation phase, moving sideways for the past 13 days, with the 9-day and 16-day moving averages closely aligned. The lack of significant momentum, as indicated by the histogram close to zero, suggests a balanced state between buying and selling pressure.
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
Silver has been experiencing a sideways movement for the past 13 days, indicating a period of consolidation and indecision in the market. The histogram hovering close to zero suggests a lack of significant momentum, highlighting a balanced state between buying and selling pressure. Additionally, the 9-day and 16-day moving averages (MA) have been closely aligned, further confirming the consolidation phase. Traders should closely monitor this pattern for potential breakout or trend reversal signals. Consider additional technical indicators, key support and resistance levels, and relevant news to gain a comprehensive understanding of Silver’s future direction. Exercise caution and await clear confirmation before entering trades.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.