Silver Price Analysis: Bounces from $17.00, Wednesday's close pivotal

Tuesday's Doji candle has neutralized the immediate bullish bias in Silver.
The metal is trading well within Tuesday's price range at press time.
Wednesday's daily close will likely set the tone for the next move.

Omkar Godbole FXStreet Contributor

Silver is currently trading near $17.20 per ounce, representing a 0.65% gain on the day, having defended the psychological support of $17.00 during the overnight trade.

While the price bounce is encouraging, the shiny metal is still trading within the price range of Tuesday's Doji candle. The immediate outlook, therefore, remains neutral.

The long upper shadow attached to Tuesday's Doji indicates a failure on the part of the buyers to absorb selling pressure near $17.45. Put simply, it represents buyer exhaustion and is considered an early warning of an impending bearish reversal. The trend change, however, is confirmed only if the follow-through is negative, preferably in the form of a close below the low of the Doji candle on the following day.

The trend reversal lower would be confirmed if prices end Wednesday below Doji's low of $17.03. On the flip side, $17.45, the high of Tuesday's Doji candle, is the level to beat for the bulls.

A bearish close, if confirmed, would expose the support at $15.84 (April 14 high), while the bullish may yield a rally to levels above $18.00.

Daily chart

Trend: Neutral

Technical levels

1. R3 17.81
2. R2 17.63
3. R1 17.38
PP 17.21
1. S1 16.96
2. S2 16.78
3. S3 16.53

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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