Silver: Failed At Resistance Of 17.35
Shiv Kumar | Jan 19, 2017 08:39AM ET
Here is what i said about silver on 11th January 2017:
Here is the previous chart reproduced below
Here is the latest daily chart below:
Silver is facing dual resistance here:
1- Horizontal resistance offered by the previous support zone of 17.30-17.40 area
2- the upper trend line of the falling channel in which it is trading right now.
Looks like a correction will continue here.
Let's have a look on 5 Hr chart
MACD is indiacting a sell position with bearish crossover
Rsi is also turned towards north after hovering near overbought area in last few days.
Resistance: 17.35/17.55
Support : 16.55 / 16.20
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