Silver Futures Analysis: Bearish Trend Continues Despite Volatility | Weekly Closing Crucial
After reaching lows of $29.793, silver futures remain under selling pressure with a narrow range of $31.605 – $30.887. The market’s instability could be influenced by changing geo-political scenarios. Technical indicators suggest further bearish moves, with a potential test of the significant support at $28.919.
In the weekly chart, despite a possible reversal, silver futures are still in a downward channel. This week’s closing level will be crucial in determining future directional moves. A bearish crossover in the daily chart confirms a breakdown, indicating a decisive move in silver prices this week.
Disclaimer: Readers are advised to trade silver at their own risk. The Author of this analysis does not hold any position in silver.
Analysis Breakdown:
– Silver futures are facing selling pressure despite volatility.
– Technical indicators point towards further bearish moves.
– Weekly closing level will define future directional moves.
– Bearish crossover in the daily chart confirms breakdown in silver futures.
– Readers are advised to trade at their own risk.