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Silver: Ichimoku Analysis

Published 04/09/2015, 06:35 AM
Updated 07/09/2023, 06:31 AM

Silver has declined aggressively following the sustained breakout below the 18.60-Pivotal classical support turned into resistance- as seen on the provided weekly chart.

Silver Vs. USD

This breakout has forced the metal to move in a bearish mode during the previous period despite continuous attempts to correct.

Ichimoku Analysis:

Silver is presently attempting to move beneath Tenkan-Sen and Kijun-Sen along with a bearish crossover and this is the first technical sign that supports our bearish outlook. Meanwhile, Senkou Span turned into resistance offering a good protection for bears.

Trading Strategy:

Selling silver using market order type with targets at 14.45 and stop loss at 17.50 could be appropriate.

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