Time Zone: GMT +2
Time Frame: 4 Hours (H4)
Fundamental Analysis:
The SILVER/USD pair today faces potential volatility driven by key upcoming economic announcements impacting the USD. Investors await crucial speeches by US President Donald Trump from the White House, where significant policy indications may directly influence currency valuations. Additionally, critical economic indicators such as the US Consumer Price Index (CPI), Initial Jobless Claims, Philadelphia Fed Manufacturing Index, and Natural Gas Storage data are due, potentially creating sharp fluctuations and setting the tone for Silver price movements.
Price Action:
Silver on the H4 timeframe illustrates a clear bullish trend characterized by strong upward momentum followed by shallow corrections. Currently, the price action indicates a minor correction phase; the Fibonacci retracement suggests a potential target at the 23.6% level. However, given recent momentum patterns, the correction could terminate before reaching this support, maintaining an overall bullish bias for SILVER-USD.
Key Technical Indicators:
Adaptive Moving Average (9): The AMA line remains firmly positioned below the candles, clearly indicating robust bullish momentum in SILVER USD price action on the H4 chart. The current stance suggests continuation of the upward trend unless a significant bearish reversal occurs.
William’s %R (14): Currently at -11.32, William’s %R indicator suggests SILVER-USD is in the overbought territory. Despite being overbought, the bullish sentiment remains strong, implying that while corrections may occur, the bullish trend is likely to persist.
MACD (12, 26, 9): The MACD indicator for SILVER/USD shows values of 1.1696 and 1.0075, indicating a bullish market condition. The MACD histogram continues to display positive momentum, supporting continued buying strength in the near term.
Support and Resistance:
Support: Immediate technical support for SILVER USD is situated at the Fibonacci retracement level of 23.6%, around 63.15, aligned with recent correction phases.
Resistance: SILVER-USD faces near-term resistance at recent highs, approximately at 66.37, marking a crucial level for bulls to break for sustained upward movement.
Conclusion and Consideration:
SILVER-USD on the H4 chart maintains a bullish outlook, reinforced by key technical indicators including the Adaptive Moving Average, William’s %R, and MACD. Traders should consider the potential impacts of forthcoming US economic announcements, which may cause increased volatility. The current bullish trend may face short-term corrections, but overall, market sentiment remains strongly positive for continued bullish price action in SILVER USD.
Disclaimer: The analysis provided for SILVER/USD is for informational purposes only and does not constitute investment advice. Traders are encouraged to perform their own analysis and research before making any trading decisions on SILVERUSD. Market conditions can change quickly, so staying informed with the latest data is essential.
