As per the weekly chart above of Silver, the prices trend still remains sideways with a slightly upward bias. Also prices are trading in between 2‐upward slopping trend lines and are currently in their corrective phase with strong support at 52,500. On the indicators: 14‐week RSI is trading above 50 but very close to its moving average while momentum indicator MACD & its deviation line are trading above mid‐zero line but with negative difference between the two (neither MACD nor RSI is giving any clear direction), indicating that trend remains sideways. On moving averages: prices are trading between long‐term SMA’s & short‐term SMA’s on daily as well as weekly charts, currently giving no clear direction. For the near‐term, we expect silver prices to trade in the range of 52,500 to 63,300. Any dips towards support should be buying opportunity & vice versa.
As per the weekly chart above of Silver, the prices trend still remains sideways with a slightly upward bias. Also prices are trading in between 2‐upward slopping trend lines and are currently in their corrective phase with strong support at 52,500. On the indicators: 14‐week RSI is trading above 50 but very close to its moving average while momentum indicator MACD & its deviation line are trading above mid‐zero line but with negative difference between the two (neither MACD nor RSI is giving any clear direction), indicating that trend remains sideways. On moving averages: prices are trading between long‐term SMA’s & short‐term SMA’s on daily as well as weekly charts, currently giving no clear direction. For the near‐term, we expect silver prices to trade in the range of 52,500 to 63,300. Any dips towards support should be buying opportunity & vice versa.
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