4 December 2017, 09:36
Dragan Drenjanin

SILVER : The bearish trend can resume

Date of analysis 04 December 17


  • Opinion Short Term Negative
  • Resistance 1 17.18USD
  • Support 1 15.82USD
  • Opinion Mid Term Neutral
  • Support 2 15.37USD
  • Resistance 2 17.41USD
Below 17.18 USD the major trend remains bearish 15.82 USD and then 15.37 USD are in the line of sight. The surpassing of 17.18 USD would cancel this anticipation and favor a recovery toward 17.41 USD.

The MACD is negative and lower than its signal line. This configuration is damaging the cross perspectives. The RSI is not yet indicating an oversold situation, so a continuation of the fall is technically possible. At less than 20, the Stochastics are extermely low. The volumes traded are more than the average volumes over the last 10 days.

The bullish movement seems to have stopped. The cross is under its 50-day moving average located at 16.95. The first support is at 15.82 USD and, in the event of a breach of this level, a continuation of the correction towards 15.37 USD is possible; to the upside, the first resistance is at 17.18 USD, then the strongest level is at 17.41 USD.
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