Silver Consolidated Below Six-week Tops | Neal Bhai Reports

Silver now seems to have entered a bullish consolidation phase and was seen oscillating in a range just below mid-$24.00s, or six-week tops touched earlier this Thursday.

From a technical perspective, the overnight strong follow-through positive move validated this week’s breakthrough a downward-sloping trend-line extending from July monthly swing highs. This comes on the back of the recent inverted head and shoulders bullish breakout and supports prospects for additional near-term gains.

The constructive set-up is reinforced by bullish technical indicators, which are still far from being in the overbought zone. That said, slightly overbought RSI (14) on the 4-hour chart failed to assist the silver to capitalize on its move beyond the 38.2% Fibonacci level of the $28.75-$21.42 downfall, at least for now.

सारे ट्रेड में आपको लोस ही हो रहा है??
तो ज्वाइन करिए आज ही हमारा ग्रुप फ्री में लगातार प्रॉफिट के लिए जल्दी करिए. लिंक निचे दिया गया है



Nevertheless, the bias remains tilted firmly in favour of bullish traders. Hence, a subsequent move towards testing September monthly swing highs, around the $24.80-85 region, remains a distinct possibility. Bulls might eventually aim to reclaim the key $25.00 psychological mark, which coincides with the 50% Fibo. level.

On the flip side, the $24.00 round-figure mark now seems to protect the immediate downside. Any subsequent decline could be seen as a buying opportunity near the $23.75-70 region. This, in turn, should help limit the corrective pullback near the mentioned trend-line support breakpoint, around the $23.50-45 region.

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Neal Bhai has been involved in the Bullion and Metals markets since 1998 – he has experience in many areas of the market from researching to trading and has worked in Delhi, India. Mobile No. - 9899900589 and 9582247600

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