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Silver Daily Technical analysis | 7 December 2017

2017-12-07 07:45 am | Resource: Technical Analysis Section | No Views : 357

Silver broke the 16.14 area during yesterday's trading as a result of sellers' pressure and pressure to buy the greenback.

Silver Daily Technical analysis | 7 December 2017 

Silver is trading in a downtrend forming on the 4-hour time frame, and the SMA and the slow moving average are negative crosses. This cross was confirmed with a break of $ 16.76.
From the above chart, we see a classic negative pattern that has a complex negative head and neckline. The commodity broke its neckline during the end of November and prepared the test at the beginning of the month.
The Relative Strength Index 14 is trading in a bearish direction as a result of the break of the bullish trend line during the end of last month.
It is expected that, as long as silver is trading below the neckline of the classical pattern it may target levels of at least 15.37.
Support: 15.66 - 15.27 - 14.99
Resistance: 16.132 - 16.33 - 17.35
Trend: Down


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