| Level | Rationale | Indicator | 30M | 1H | 4H | |||
| R4 | 16.56 | Cloud Resistance | MACD (12; 26; 9) | Buy | Buy | Sell | ||
| R3 | 16.51 | Upper Bollinger Band | RSI (14) | Neutral | Neutral | Neutral | ||
| R2 | 16.45 | Triangle Upper trend-line | Stochastic (5; 3; 3) | Neutral | Sell | Sell | ||
| R1 | 16.41 | Cloud Resistance; 20&55-hour SMAs | ADX (14) | Neutral | Neutral | Sell | ||
| S1 | 16.35 | Channel Upper trend-line | CCI (14) | Buy | Neutral | Neutral | ||
| S2 | 16.29 | Bottom Bollinger Band | AROON (14) | Buy | Buy | Buy | ||
| S3 | 16.27 | Double Bottom | Alligator (13; 8; 5) | Neutral | Buy | Sell | ||
| S4 | 16.20 | Monthly S2 | SAR (0.02; 0.2) | Sell | Buy | Buy | ||
| Aggregate | → | ↘ | ↘ |
Note: This section contains information in English only.
Silver had been trading very consistently inside the bounds of a channel down pattern up until recently when it started sketching some interesting developments on the hourly chart. The pair has now set a ground at 16.27 and attempted a double bottom, but failed to break the neck-line. We now have two scenarios regarding the failure – firstly, a descending triangle has been sketched and will be confirmed if XAG/USD steps foot below the previous trend-line of the channel, implying bearish pressures and a break below 16.27. The second scenario considers the failure to be just part of a retracement of the broken channel boundary and suggests that the neck-line could still break at 16.53 and set a bullish motion.
Mon, 08 May 2017 08:57:19 GMT
Source: Dukascopy Bank SA