Silver price halted their losses after dropping 18.00% this year to over 14.00$. The commodity price declined most since mid-June 2016 as a rout with higher U.S rates and strengthening USD whereas the Palladium posted massive returns of 22.00%.
After a two month of fall, the silver is trading 5.00% higher beats the Gold. The bullish daily indicators and the weekly bullish turnaround RVI should the support the rallies in the coming days to weeks. Since mid-June, the price failed to gain footing above the 20MA (Weekly), but so far, this week it holds and keeping the momentum alive, besides the price closed above 100MA for the first time since mid-June. Hence, overnight’s rally above 100MAs is confirming upside sentiment.
On the North, despite hesitations amongst traders increasing at 14.90/15.00$, a break above this level may pave the way for higher prices through 15.50$ its 50MA (Weekly) which coincides with 200MA and 15.90 the breakout height.
In case if the price fails against the double top, supports located at 14.35-14.20$ and 14.00/13.90$ levels.
It is important to always keep in mind the risks involved in trading with leveraged instruments.
What is your Technical View?
Do you have a different idea? Please leave us a comment and get an answer from our professional analysts