Commodity Analysis – Silver Technical Analysis – 11 October 2022
11 Oct 2022
Silver Technical Analysis: Weekly Chart
In the weekly charts, Silver was trading in a down channel. Silver is currently trading below all SMA except MA (5).
RSI is in the selling zone which indicates bearishness. MACD is currently below zero which indicates bearishness.
Its immediate support is 19.000 the resistance level is at 19.500
Silver was traded in a down channel before there is an upside breakout.
Silver Technical Analysis: Daily Chart
In the daily charts, silver was trading in an up channel. silver is currently trading below all SMA except MA (50)
RSI is in the neutral zone which indicates neutralness. MACD is currently above zero which indicates bullishness.
Its immediate support is 19.150 the resistance level is at 19.500
Silver was traded in an up channel before there is a breakout downside.
How to Trade Silver this Week:
Silver will follow the downtrend until its trend reversal. So, remain bearish on silver.