SILVER - USD - is Moving Towards The Falling Line - 02/06/2017 (GMT)
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- Timeframe : 4H
SILVER - USD Chart
Silver had a sharp rally to the upside in January as it surged more than 10% and halted a three-month downward move. The XAG/USD pair is developing in a descending move on the daily chart, however, having a look in the short-term timeframe, it is rising since December 22nd.
The metal is approaching the $18,00 strong resistance barrier which overlaps with the 200-SMA and the downtrend line. In the case of a penetration to the upside of the aforementioned obstacles, the price will expose until the $19,00 psychological handle. On the daily chart, technical indicators are endorsing the recent bullish attitude on price as both are moving with a bullish bias. The RSI indicator is approaching the 70 level with strong momentum while the MACD oscillator surpassed its trigger line and lies slightly higher. Moreover, the price is developing above the 50 and 100 SMAs while both of them are sloping to the upside.
The metal is approaching the $18,00 strong resistance barrier which overlaps with the 200-SMA and the downtrend line. In the case of a penetration to the upside of the aforementioned obstacles, the price will expose until the $19,00 psychological handle. On the daily chart, technical indicators are endorsing the recent bullish attitude on price as both are moving with a bullish bias. The RSI indicator is approaching the 70 level with strong momentum while the MACD oscillator surpassed its trigger line and lies slightly higher. Moreover, the price is developing above the 50 and 100 SMAs while both of them are sloping to the upside.
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