On Monday silver tested $19.15 area, but coudn’t
hold the line till closing of the session. Today is trading slightly below
$19.00 level, marking an intraday high at $19.09 and low at $18.83.
Currently the key resistance is located at $19.269 and as long as silver is staying
below it, the trend is bearish. Key support is seen at $18.674.
RSI is showing oversold market and is confirming the daily bearish trend.
As seen on the daily chart, 20, 30 and 55 day EMAs are pointing upwards and in
the long term perspective we may expect bulls to come back. In the short term
bears are indicating only correction movement of the trend.
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