Silver’s recent behavior highlights a potential volatility squeeze as indicated by the tightened Bollinger Bands. Typically, this contraction could precede a significant price movement. Concurrently, the RSI’s ascent from near-oversold levels (around 30) to a neutral stance (around 50) suggests a shift in momentum from bearish to neutral. Together, these indicators hint at a possible upcoming price direction change, though the direction remains uncertain.
• There is a resistance level at 24.476; followed by resistance at 24.836 and 25.268.
• There is a support level at 22.118. Below, there are 22.679 and 22.839.
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.
September 12, 2023
