XAGUSD (D) - medium term bearish bias
Silver is currently in a triangle consolidation pattern after it reached the key resistance level of 19.60. The RSI divergence first gave us an indication that the bullish fever could soon run out of steam, as the price action was losing its upside momentum. The latest MA bearish cross is another sign that the short side is trying to gain control. This leaves 16.90 as a major support level and if the bids get hit, we can expect a sell-off towards 16.
Key support: 16.90
Key resistance: 18.00
Silver is currently in a triangle consolidation pattern after it reached the key resistance level of 19.60. The RSI divergence first gave us an indication that the bullish fever could soon run out of steam, as the price action was losing its upside momentum. The latest MA bearish cross is another sign that the short side is trying to gain control. This leaves 16.90 as a major support level and if the bids get hit, we can expect a sell-off towards 16.
Key support: 16.90
Key resistance: 18.00