Site icon Juno Markets

Silver’s rising wedge break favors the bears

silver commodity

During the Asian session, silver prices are trading below the 50 MA after confirming a rising wedge break seen on the 4 hour chart.

MACD supports prospects of further decline. The bright metal is falling towards $20.00 area. Next support lies at $19.50 where the 200 SMA sits, and this can help limit the downside. Should the price breach this level, next support is $19.00 and a break below will challenge bears commitment at $18.00.

On the flip side, if bulls can manage to break the immediate resistance at $20.50 then $21.00 can be put into test.

Exit mobile version