Technical analysis of Silver for February 14, 2014
February 14, 2014 5:10 am
Silver closed above the failing channel for the first time joining the breakout made by gold. In our previous report dated February 07, 2014, we recommended buying. Silver traveled with us. However, it’s been in a flat rectangle trading range for some time and a move above $20.4 would break the range to the upper side, which would further confirm a trend reversal in Silver.
In the hourly chart, silver made a double top at the level of $20.510 and the RSI is in overbought zone. Overall, the trend is bullish in the daily and weekly charts. In the hourly chart RSI is in overbought zone. Before any further upmove, the price will come down first.
On a positional basis, if silver trades above the level of $20.595 it will give a reversal for the targets of $22.0 and $23.1.
The material has been provided by InstaForex Company – www.instaforex.com
Silver closed above the failing channel for the first time
joining the breakout made by gold. In our previous report dated February 07,
2014, we recommended buying. Silver traveled with us. However, it’s been in a
flat rectangle trading range for some time and a move above $20.4 would break
the range to the upper side, which would further confirm a trend reversal in
Silver.
In the hourly chart, silver made a double top at the level of $20.510 and the RSI is in overbought zone. Overall, the trend is bullish in the daily and weekly charts. In the hourly
chart RSI is in overbought zone. Before any further upmove, the price will come
down first.
On a positional basis, if silver trades above the level of $20.595
it will give a reversal for the targets of $22.0 and $23.1.
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