You are here: Home > articles > Forex > Technical Analysis – Silver trapped inside a triangle pattern
Technical Analysis – Silver trapped inside a triangle pattern
August 22, 2023 3:27 pmVideo
Latest News
- Technical Analysis – GBPUSD tries to recoup some losses April 18, 2024
- USD/JPY in crisis April 18, 2024
- EUR/USD: trading plan for US session on April 18. EUR gets stuck at 1.0686 April 18, 2024
- Fed to keep policy tight for longer than markets view April 18, 2024
- Technical Analysis – BTCUSD drops to 6-week low as halving looms April 18, 2024
- Midweek Technical Look – EURUSD, US 500, WTI April 18, 2024
- Technical Analysis – AUDJPY pulls back but stays in uptrend April 18, 2024
- Forex forecast 04/18/2024: EUR/USD, USD/JPY, Oil and Bitcoin from Sebastian Seliga April 18, 2024
- Video market update for April 18, 2024 April 18, 2024
- Technical Analysis – WTI oil futures exit sideways move to the downside April 18, 2024
- Market Comment – US dollar on the back foot as nervousness lingers in equity markets April 18, 2024
- Hot forecast for EUR/USD on April 18, 2024 April 18, 2024
- EUR/USD and GBP/USD: Technical analysis on April 18 April 18, 2024
- Trading plan for GBP/USD on April 18. Simple tips for beginners April 18, 2024
- Trading plan for EUR/USD on April 18. Simple tips for beginners April 18, 2024
- The Fed and global instability: a double blow to American markets April 18, 2024
- Forecast for EUR/USD on April 18, 2024 April 18, 2024
- Forecast for GBP/USD on April 18, 2024 April 18, 2024
- Forecast for AUD/USD on April 18, 2024 April 18, 2024
- Outlook for GBP/USD on April 18. Pound was not impressed by the inflation data April 18, 2024
Silver prices are trading above a long-term uptrend line taken from the lows of September, but below a downtrend line drawn from the peaks in May. The combination suggests silver is locked inside a symmetrical triangle pattern, a break of which will likely reveal the next major directional wave.
Momentum oscillators paint a relatively neutral picture. The RSI is testing its 50 level, and although the MACD is negative, it has crossed above its red trigger line. Neither indicator is flashing any clear signals about what’s next in the market.
Buyers seized control this week and pushed prices higher towards the 23.30 region, which encompasses the 200-day moving average (MA). The 50-day MA is just above at 23.50 and could be considered part of the same region. If the bulls finally manage to slice above this congested area, the next target might be the 24.30 zone, which capped several advances back in January.
Now, in case sellers retake the wheel, the first major obstacle on the downside would be the 22.20 barrier. A decisive break below it would violate the long-term uptrend line and therefore shatter the triangle, turning the technical picture negative and opening the door for further declines towards the 21.25 area.
In a nutshell, silver seems neutral at this stage. A break at either side of the triangle is needed to signal the next significant directional move.
Related Posts: