Silver Trades Around $17
January 26th, 2010 Posted in Technical Analysis
In last week’s trading, the silver experienced much bearishness. However, as I will illustrate below the 8-hour chart’s oscillators support a bullish reversal for today. Traders should take advantage of this unique opportunity and use the volatile market in order to capitalize profits.
• Below is the 8-hour Silver chart by ForexYard.
• The technical indicators that are used are the Relative Strength Index (RSI), Williams Percent Range and MACD.
• Point 1: The Relative Strength Index (RSI) signals that the price of this pair currently floats in the over-sold territory, suggesting upward pressure.
• Point 2: The Williams Percent Ranges is showing that this pair is heavily over-sold and may be experiencing strong upward pressure.
• Point 3: The MACD indicates an impending bullish cross, which may signal an upward movement is going to occur in the near future.
Silver 8- Hour chart
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Tags: commodity prices, Forex, forex blog, MACD, RSI, silver, silver prices, Silver today, Technical Analysis
