Silver Intraday: Watch 59.78
Silver (XAG/USD)
-3.015-4.69%
The downside prevails as long as 62.31 is resistance, with 59.78 and 59.14 as targets
Our pivot point is at 62.31.
Our preference: The downside prevails as long as 62.31 is resistance, with 59.78 and 59.14 as targets
Alternative scenario: above 62.31, look for 63.39 and 64.03.
Comment: the RSI is below 30. It could either mean that the price is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is above its signal line and negative. The price stands below its 20 and 50 period moving average (respectively at 61.67 and 63.23).
Supports and resistances:
64.03 **
63.39 *
62.31 **
61.30 last
59.78
59.14 **
58.51 *
Our preference: The downside prevails as long as 62.31 is resistance, with 59.78 and 59.14 as targets
Alternative scenario: above 62.31, look for 63.39 and 64.03.
Comment: the RSI is below 30. It could either mean that the price is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is above its signal line and negative. The price stands below its 20 and 50 period moving average (respectively at 61.67 and 63.23).
Supports and resistances:
64.03 **
63.39 *
62.31 **
61.30 last
59.78
59.14 **
58.51 *
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