Short -term correction
Until otherwise it is shown, silver will remain within a developing uptrend that started from December Swing Low at $ 28.75. A series of higher swing highs and higher swing departments followed until last week. A lower Swing High shows the weakening question and warns of a potential bearish pullback within the rising trend. The 50-day MA at $ 31.25, along with a rising trendline, marks potential support for the trend.
At the end of last year, Zilver won the 50-day Ma and it remained above the line for a successful test of support Late February. That decrease in the 50-day line was a higher Swing High at $ 30.81, which is part of the price structure of the Uptrend. It is also support for February. That is why it marks an important level of support as a long-term decrease below that winds low signals, a possible bearish reversal of the current Bull-Trend in the short term.
Consolidation on a weekly time frame
The weekly pattern in silver shows consolidation because last week’s price range was within reach last week. That is why the potential weekly support at last week’s low is $ 31.12. Moreover, the 200-day MA is currently at $ 30.54. It has not been tested as support since the end of last year. Nevertheless, the low $ 30.81 of February would be reached before the 200-day ma and a drop underneath were to activate a monthly demolition. In addition, February ended with a Bearish shooter candlestick pattern.
Rally above $ 32.77 needed to confirm strength
On the advantage, a decisive rally above today’s high will show $ 32.67 strength. But until last week’s high at $ 32.77 is exceeded, the potential for lower prices remains for the first time. The recent February Swing High at $ 33.39 markings potentially considerable resistance given the monthly bearish candle that formed. This will make a successful support test in the vicinity of the 50-day line more important, because a deeper pullback could activate the monthly graph in the long term.
Look for a look in all the economic events of today Economic calendar.