Silver: Bears Are Driving The Car & Going For Long Drive

June 29, 2018

On the daily chart anyone can observe that bears are dominating the bulls at every nook & corner and white metal is heading towards south side with strong bearish momentum. On daily technical chart it has breaked the strong support level as we have mentioned earlier also that a valid breakout of this support level will open the towards the 15.50 level. However, bears initiated their journey so well and we expecting same further as US dollar is also getting stronger as yesterday also US weekly jobless claims increase by 9000 and US first quarter GDP growth slide to 2% from 2.2%.

 

In the previous report also we have mentioned that sell the silver and I hope traders and investors have made smart profit from this profitable move. Yesterday a bearish marabuzo canlestick along with  bearish harami candlestick has been posted on the daily chart which is generating purely bearish signal. There is no chances for bulls to recover for the time being as metal is trading and sustaining below the moving average lines.

 

Odds are in favor of bears and intraday bias remains bearish on the metal as long as 16.50 level remains intact. The way beears are reacting it seems like they are not in a mood to stop early, they are approaching the 15.50 level atleast, however some profit booking can’t be ignored  but that should be taken as selling opportunity for those who has missed earlier.

A bearish crossover on MACD indicator is supporting the bears  and RSI is also favoring the bears from negative territory. The 15.50 is immediate support level followed by 15.10 level whereas 16.50 level is immediate resistance level followed by 16.90.

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