Silver intrinsically weak and poised to fall further

Opposed to gold, Silver offers a weak technical stance and seems poised to extend its slump.
The daily chart shows that the metal is meeting sellers around a directionless 100 SMA.
Bearish case to firm up on a break below 25.95, the immediate support level.

FXStreet Team FXStreet

Silver surged throughout the first half of the day but turned lower ahead of the release of the FOMC Meeting Minutes on the back or renewed dollar’s demand. The white metal traded heavily throughout the American afternoon, bottoming for the day at 25.97, yet recovering ahead of the US close to finish the day around $26.15 an ounce. Opposed to gold, Silver offers a weak technical stance and seems poised to extend its slump after ending the day unchanged.

The daily chart shows that the metal is developing below a directionless 100 SMA, with approaches to the indicator resulting in sharp intraday retracements. In the near-term, and according to the 4-hour chart, bears seem to be in control. Silver develops below all of its moving averages, with the 20 SMA losing its previous upward strength. Technical indicators remain within negative levels, without certain directional strength, anyway reflecting the absence of firm buying interest.

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FXStreet Team

FXStreet

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