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Silver Under Pressure: Bearish Momentum Accelerates Toward USD 70.00

Silver pared most of its gains after forming a temporary top around $82.50. After hitting an intraday low of $77.84, it’s currently hovering near $78.05.

Technicals

CMP -$76.38

Trend

4- Hour chart

Value

 

 

55 EMA

$83.05

CMP < 55 EMA

Bearish

200- EMA

$84.02

CMP < 200- EMA

Bearish

365- EMA

$80.75

CMP >365 EMA

Bearish

 

Major support- $77. Major bearishness below $77. Any violation below targets $76.50/$75/$70.

 

Momentum indicator (4-hour chart)

Inference

Value

CCI(50)

Bearish

-111.63

ADX

Bearish

Strength increased from 37 to 39

 

It is good to sell on rallies around $78.80-85 with SL around $82.50 for a TP of $70/$64.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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