27.12.202214:19 Forex Analysis & Reviews: Silver breaks to new multi week highs.

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Blue line- support trend line

Red lines- bearish RSI divergence

Silver is trading above $24. Medium-term trend is bullish as price continues making higher highs and higher lows since August. Price is now trading at levels not seen since April of 2022. However there are increased chances of a reversal as the RSI is not following price to new highs. The RSI continues to provide lower highs. The bearish divergence by the RSI is an important warning that should not be ignored. This is not a reversal signal, but a warning of a weakening up trend. Support is found at $23.38 and is rising. A break below the blue trend line would be a reversal signal.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.