Silver has broken its upward trend line on a 30 minute time frame. This is a confirmation that the upward trend is no longer in play on this time frame and if you are trading in a smaller time frame. It is imperative to keep in mind the bigger time frame trend when you are trading. The price is also trading below the 50 day (Shown in yellow) and the 100 day (shown in red) moving averages which is a further confirmation that the bears are in control of the price. In terms of volatility, it is low as the price is still within the lines of the Bollinger band.
The RSI indicator is confirming that the momentum is towards the downside and it is trading in line with the price action.
Important Zones
14.05- 14.02 Support
14.28- 14.25 Resistance
DISCLOSURE & DISCLAIMER: The above is for informational purposes only and NOT to be construed as specific trading advice. responsibility for trade decisions is solely with the reader.
by Naeem Aslam