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Silver Technical Overview Ahead of US Data

Published 06/04/2017, 05:59 pm
Updated 10/03/2019, 12:30 am
XAG/USD
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SI
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silver
Silver technical overview

Trend : Bullish

Resistance levels: R1 18.40 , R2 18.50, R3 18.73

Support levels: S1 18.19, S2 18.03, S3 17.74

Comment : The market is staying bullish with yesterday's bounce calling for another push higher. However, trade is pressed up against the previous downturn levels at R1&R2. A close over 18.55 is needed for a larger bull drive to R3 level. Be careful for a stall a stall against R1 and possible back off into flagging congestion. A slip through S2 level cautions for near term selling. A close under S3 is a signal for short term reversing turnover. Keep an eye on U.S Data today and tomorrow which will impact silver levels instantly. Be careful from setbacks as a first test on S&R due to high volatility. Only long positions above or below S&R is a confirmation for levels failure.

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