Silver Price Analysis: 1-HR Momentum divergence, bulls losing steam in bullish territory

Consolidation is in play while the price of silver consolidates an extreme rally.
Monthly, daily and 4HR charts offer a bullish outlook.
Hourly Momentum divergence and break and retest of the trendline is bearish for the hourly chart.

Ross J Burland FXStreet

The price rally of silver has been impressive, relishing in the macro tailwinds that have been there for some time.

Silver is also gaining a boost for its industrial qualities.

In the following analysis, it is evident that the price is now in highly bullish territory, but a phase of consolidation is now the most likely scenario, for the near term at least.

Monthly chart: Bull rally

4HR bulls holding above new support structure/Fib confluence

Hourly resistance, bearish Momentum divergence

The break and retest of the trendline leave a short-term bearish bias, supported by the divergence in the Momentum indicator and recent highs.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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