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Silver Daily Technical Analysis | 3 January 2018

2018-01-03 10:05 am | Resource: Technical Analysis Section | No Views : 412

Towards the end of last week's trading, US silver broke the neckline of a negative head and shoulders pattern without achieving the commodity target of the pattern. During last Friday's trading silver broke the bearish trend line on the 4 hour interval.
 
Silver Daily Technical Analysis | 3 January 2018

Silver is trading in a bullish trend under formation, and the SMA is positively cross-moving and the slow moving average is confirmed.
Momentum RSI 14 signs of weakness started to appear as the index closed below the 70 areas during the Asian session this morning as the index is currently trying to break the rising trend line.
It is expected that in case of a break of 17.20 silver, the 17.62 area may be targeted on the other side, if the break of 17.03 zones might target the level of 16.52.
Support: 16.84 -16.25 - 16.25
Resistance: 17.35 - 17.62 - 18.16
Trend: Up


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