Chart Of The Day: Silver Could Be On The Cusp Of Relief Rally
Blake Morrow | Sep 21, 2022 05:39PM ET
Despite the US dollar rally following the decision from the FOMC to raise rates by 75bps, gold and silver ironically went higher too.
Silver could be on the cusp of a relief rally near term, especially if today’s highs are at 19.90 and broken and we get a daily close above 20.00. A descending trend line from early May is capping the rally. Also, the precious metal may be developing a bull flag pattern.
To confirm this move, I would be watching the RSI (lower panel) to see if it points higher with the price. The expected target for a breakout would be 21.35, which is also the previous key support level.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.