On the 4h chart for Silver, the Parabolic SAR has marked three consecutive points above the price, hinting at a potential downtrend. The MACD confirms this bearish sentiment, with its line at 0.091 crossing below the signal line at 0.125. The Histogram further corroborates this with a drop to -0.034. Silver’s current price, sitting at 21.875, is proximate to the Fibonacci retracement level of 0.618 priced at 21.829. The next resistance is spotted at the FIB 0.5 level, 22.193, followed by the FIB 0.382 at 22.557. On the support side, FIB 0.786 is at 21.311, and notably, FIB 1 is positioned at 20.652. This amalgamation of indicators suggests a bearish undertone in the short-term movement for Silver.
• There is a resistance level at 23.545; followed by resistance at 22.585 and 22.245.
• There is a support level at 21.570. Below, there are 20.925 and 20.691.
Note: We do not suggest any investment advice, and these analyses are just to increase the traders’ awareness but not a certain instruction for trading.
October 13, 2023