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Silver Sheds Gains in Gold’s Wake as Bears Probe Key $74.50 Support; Sell-on-Rallies Eyes $70

Silver pared most of its gains following the footsteps of Gold. After hitting an intraday low of $73.94, it’s currently hovering near $74.30.

Technicals

CMP -$74.30

Trend

4- Hour chart

Value

 

 

55 EMA

$77.025

CMP < 55 EMA

Bearish

200- EMA

$77.39

CMP < 200- EMA

Bearish

365- EMA

$77.33

CMP >365 EMA

Bearish

 

Major support- $73.80. Major bearishness below $73.80. Any violation below targets $73/$70/$66/$60.

 

Momentum indicator (4-hour chart)

Inference

Value

CCI(50)

Bearish

-72.12

ADX

Bearish

Strength increased from 15.65 to 17.40

 

It is good to sell on rallies around $75 with SL around $77.30 for a TP of $70/$64.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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