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.