Blog post

​Technical Analysis: 100-bar EMA questions Silver sellers inside short-term triangle

Although lower high formation keeps the Silver bears hopeful, a one-month-old triangle and 100-bar EMA probe the downside bias. Among them, $26.25 becomes the immediate level, comprising the key EMA, to challenge the sellers ahead of the important support confluence near $24.50 including the said triangle's support line and 200-bar EMA. In a case where the commodity prices slip below $24.50, odds of witnessing the July 28 low near $22.30 can't be ruled out.

Meanwhile, the metal's bounce off the current levels may find $27.00 as adjacent upside barrier before the triangle resistance around $27.50 tames any further rise. Also acting as filters to the north are August 18 high of $28.42 and $29.85 that hold the key to the $30.00 psychological magnet.

In addition to the triangle formation that restricts the bullion's short-term moves, and anticipated caution before this week's Jackson Hole Symposium event also challenges immediate trading momentum.

Join us on FB and Twitter to stay updated on the latest market events.

Our awards

award1 award2 award3 award4