Current trend
Against the background of a slight decline in the USD Index, the price of silver contracts corrects within a sideways trend, trading at $26.33 per ounce.
In the global time frame, the “pennant” trend continuation pattern develops, within which the rate has reached the support line and is preparing for a reversal. Technical indicators hold the global sell signal but narrow the swing range, confirming a possible reversal.
On the local chart, the reversal formation resembles the “diamond” trend reversal pattern, if implemented, the global asset growth will continue. Technical indicators have already reversed and issued a buy signal: fast EMAs on the Alligator indicator crossed the signal line upwards, and the AO oscillator histogram moved into the buy zone.
Support and resistance
Resistance levels: 26.68, 27.70.
Support levels: 25.66, 25.00.
Against the background of a slight decline in the USD Index, the price of silver contracts corrects within a sideways trend, trading at $26.33 per ounce.
In the global time frame, the “pennant” trend continuation pattern develops, within which the rate has reached the support line and is preparing for a reversal. Technical indicators hold the global sell signal but narrow the swing range, confirming a possible reversal.
On the local chart, the reversal formation resembles the “diamond” trend reversal pattern, if implemented, the global asset growth will continue. Technical indicators have already reversed and issued a buy signal: fast EMAs on the Alligator indicator crossed the signal line upwards, and the AO oscillator histogram moved into the buy zone.
Support and resistance
Resistance levels: 26.68, 27.70.
Support levels: 25.66, 25.00.