The price of silver is currently trading at $30.387, and the market is showing negative signals as the price is moving below most of the major moving average crossovers. In addition, the MACD indicator indicates the continuation of selling power, which reinforces expectations that silver may witness more downward pressure in the coming period.
Silver: Technical outlook
The current technical analysis indicates that silver is in a bearish position, especially with the price trading below the major moving averages such as the 50 and 200-day moving averages. These averages act as strong resistance barriers that limit any attempts to rise. The price remaining below these averages indicates the continuation of the downward trend in the short to medium term.
In addition, the MACD indicator clearly shows an increase in selling power, as the fast line is trading below the slow line, reflecting the decline in buying momentum and the control of sellers over the market. This negative signal may push silver further down if the current conditions persist.
If the price breaks the current support levels, we may see silver retreat to lower levels, perhaps towards the $29.50 level, which is considered an important psychological support. However, if any positive signs or an improvement in market sentiment appear, silver may be able to test the resistance level at $31.00, but this remains subject to the change in current technical conditions.
Trading strategies based on Buy/Sell levels
| In case of buying | in case of selling | EURUSD |
| 30.800 | 30.007 | Entry point |
| First resistance: 31.505 | First support: 29.300 | Target Point 1 (TP1) |
| Second resistance: 32.200 | Second support: 28.000 | Target Point 2 (TP2) |
| 30.007 | 30.800 | Stop Loss (SL) |
Silver price appears to be facing further downward pressure as it continues to trade below the moving averages and the MACD indicator confirms the continuation of the selling force. The general trend indicates a continuation of the decline unless we see positive changes in technical indicators or market conditions.
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