Technical Analysis of Weekly Price Movement of Silver Commodity Asset, Monday May 22, 2023.
May 22, 2023 7:23 am
If we pay attention on the weekly chart of Silver commodity asset, currently there is a few interesting things:
1. There is a Double Top pattern.
2. It’s been 2 weeks that the closing price of Silver price movement below EMA 10.
3. The appearance of deviation beteen weekly price movement of Silver with osMA indicator.
Based on 3 things above, then in two weeks ahead, Silver has the potential to depreciate down to the level 23,047. If this level successfuly broken below, then the next level to test is level 21,989, with the note on its way to those targets, this commodity asset was not corrected up and up past the level of 25,630 because if this level is successfully penetrated above then all the downward scenarios that have been described will become invalid.
(Disclaimer)
The material has been provided by InstaForex Company – www.instaforex.com
If we pay attention on the weekly chart of Silver commodity asset, currently there is a few interesting things:
1. There is a Double Top pattern.
2. It’s been 2 weeks that the closing price of Silver price movement below EMA 10.
3. The appearance of deviation beteen weekly price movement of Silver with osMA indicator.
Based on 3 things above, then in two weeks ahead, Silver has the potential to depreciate down to the level 23,047. If this level successfuly broken below, then the next level to test is level 21,989, with the note on its way to those targets, this commodity asset was not corrected up and up past the level of 25,630 because if this level is successfully penetrated above then all the downward scenarios that have been described will become invalid.
(Disclaimer)
The material has been provided by InstaForex Company – www.instaforex.com
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