SILVER: Weekly Analysis & Trade Recommendation
09 Jun 2023
SILVER WEEKLY SCENARIO
SILVER TECHNICAL ANALYSIS: WEEKLY CHART
In the weekly chart, Silver is trading in the up channel.
Silver is currently trading above all SMA.
RSI is in buying zone, which shows bullishness. Stochastic is suggesting no trend.
Its immediate support is at 23.703 & the resistance is at 24.207
After a sharp decline, the price of silver on the weekly chart reversed to the upside from the 50% Fibonacci level. While it broke the previous week’s high also. Price is currently trading at a significant resistance level; if this level is broken, we can expect further upward movement.
SILVER TECHNICAL ANALYSIS: DAILY CHART
In the daily chart, Silver is trading in the up channel.
Silver is currently trading above 5&20 SMA.
RSI is in Buying zone, which shows bullishness. Stochastic is suggesting an up trend.
Its immediate support is at 24.037 & the resistance is at 24.254
After dipping, the silver price is attempting to rise in the daily chart. Price is currently heading upward, has broken the previous day’s high, and is currently trading at a key resistance level; if this level is broken, then we can expect additional upward movement.