November 24, 2022
  • November 24, 2022

Technical Analysis of Silver – Support, chart template at a glance

By on October 29, 2021 0

Technical analysis of silver:

  • Sitting on trendline support after a drop in resistance
  • Falling wedge in sight, ready to trigger very soon

The action of the silver price after falling relative to resistance is corrective. A descending wedge is forming on the trendline of the late September low, a pattern that should trigger here very soon.

A bullish breakout will have around 24.45 / 75 resistance in its crosshairs. If momentum is strong approaching, wait for it to clear and move to the next set of resistance levels via the 200-day moving average and several inflection points around 25.80.

On the contrary, a break out of the wedge and below the trendline support will cause the money to roll towards the support around 23.

For more details, please watch the video above…

Daily money graph

4 hour money chart

4 hour silver chart

Money Charts by TradingView

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— Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX

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