Silver Technical Analysis – Support, Chart Pattern in Focus
Silver Technical Analysis:
- Sitting on trend-line support after dip from resistance
- Descending wedge coming into view, set to trigger very soon
Silver price action after turning lower from resistance has smacked of corrective in nature. A descending wedge is forming on the trend-line off the late September low, a pattern that should trigger here very soon.
A top-side break will have resistance from around 24.45/75 in focus. If momentum is strong on approach, then look for it to get cleared and on to the next set of resistance levels via the 200-day moving average and several inflection points in the vicinity of 25.80.
To the contrary, a breakdown out of the wedge and below trend-line support will have silver rolling towards support surrounding 23.
For the full set of details, please check out the video above…
Silver Daily Chart
Silver 4-hr Chart
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—Written by Paul Robinson, Market Analyst
You can follow Paul on Twitter at @PaulRobinsonFX