- Silver price may approach the lower boundary of the descending channel at $26.40.
- Silver price consolidates within the descending channel pattern, suggesting a bearish bias.
- A breakthrough above the upper boundary of the descending channel could weaken the bearish bias.
Silver price inches higher to near $27.90 per troy ounce during the European session on Tuesday. The analysis of the daily chart indicates a bearish bias as the XAG/USD pair consolidates within the descending channel pattern.
Additionally, the 14-day Relative Strength Index (RSI) is consolidating above 30 level, suggesting confirmation of a downward trend. A break below the 30 level would indicate an oversold situation of the asset currency and is due for a correction in the short term.
Additionally, the momentum indicator Moving Average Convergence Divergence (MACD) suggests a bearish trend for Silver price. This configuration indicates that the overall trend is negative as the MACD line is above the centreline and the signal line.
In terms of support, the Silver price could navigate the area around the lower boundary of the descending channel at $26.40, followed by May’s low at $26.02 level
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