Looking at the technical chart, we see candlesticks in the form of hangmen and inverted hammers, not bullish signs. However, silver could be doing a correction using time, waiting for the 20dMA to catch up before moving higher. The 20dMA is currently at US$36.09.
Personally, with the candlesticks suggesting that market participants are indecisive and the MACD having formed a lower high, I would go with the possibility that silver could move lower in the near future. The 50dMA is at US$32.62 while the 100dMA is at US$30.58.
UOB is selling silver at S$47.70 an ounce.
2 comments:
Hi Ak71,
Will u be taking profits on silver since it is trading sideway n possibility of going down?
Thanks
Cas
Hi Cas,
I have been selling some on the way up. The last sale was done at US$35+ an ounce (S$45+ an ounce) early last month. Not selling more at current level.
TA is about probabilities. So, although the probability of a downward movement in price is higher, it is not set in stone. I would take action at a higher resistance or a lower support. :)
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