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What's Next For Silver?

Published 12/27/2016, 09:01 AM
Updated 07/09/2023, 06:32 AM
XAG/USD
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SI
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Here is what I said about silver on 20 December.

Here is the daily silver chart below. MACD still not in favour of bulls, although it is showing the bullish diversion but not positive crossover yet. RSI turned towards north and giving a faint hope to bulls. Let's check the lower time frame for further indications about direction.
Silver Daily Chart

Here is the 5 hour chart showing the overhead resistance zone between 16.10-16.30, which if broken and closes decisively, then we can have some further movement towards the bearish upper trendline of the developing wedge pattern. Both indicators (RSI and MACD) are in favour of bulls in the 5 hour chart. Sellers stop now 16.30 -16.50 area.
Silver 5 Hour Chart

Resistance : 16.35 / 16.80
Support : 15.70 / 15.20

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