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Technical Inference:
Silver prices have tested the resistance at 17.334 levels but bulls are very much active ahead of Fed’s action on Wednesday, where the US central bank is most likely to maintain “Status Quo” in its funds rate.
Subsequently, more bullish actions are on the cards in silver prices upon breach of these resistance levels of 17.334.
The current prices have spiked above DMAs, and 7DMA crosses over 21DMA which is a good sign for bulls.
Moreover, bulls have been traveling in rising channel testing medium-term resistance at 17.993 levels.
Well, on the other hand, daily RSI has consistently been converging to the prevailing upswings ever since it has tested supports at 15.766 levels.
While stochastic curves have reached overbought zone but absolutely no traces of %D crossover that signify the intensity of the bullish momentum.
On a broader perspective, the major trend is on the verge of consolidation pattern as the bulls may extend up to 17.605 (see the rectangular area on the monthly charts).
From last more than 2 years or so, the prices of silver have been experiencing the resistance and supports at 17.993 and 13.606 between this range.
To conclude, the short and medium term trend seem bullish bias as the prices can take off swiftly if it breaches hurdles of 17.334 levels, while long-term investors may have to wait for a better clarity.
Trade tips:
Intraday speculators can eye on one touch binary calls at every dip for targets of 25-30 pips.
In a medium term perspective, one can also eye on long positions in the silver's mid-month futures for an unlimited return that could be entered by the futures speculator to profit from a rise in the price of the underlying prices of this precious metal.
On the Comex, Silver futures for July delivery trading at $17.35 a troy ounce during European trading hours in London.
