Silver Technical Analysis – Support, Focus on Chart Patterns
Silver Technical Analysis:
- Sitting on the trendline support after the breakdown from the resistance
- Descending wedge comes into view, will be triggered very soon
Silver price action, after sliding down from the resistance, smelled of corrective nature. A descending wedge is forming on the trendline from the late September low, a pattern that should trigger here very soon.
A break to the top will have a resistance of around 24.45 / 75 in focus. If the momentum is strong as it approaches then look for it to break above the 200 day moving average and several inflection points near 25.80 and move on to the next set of resistance levels.
On the contrary, a break out of the wedge and below trendline support will cause silver to roll towards support around 23.
For full details, please watch the video above …
Silver daily chart
Silver 4 hour chart
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— Written by Paul Robinson, market analyst
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