Silver closed increased in January and close to the resistance $16.00. It’s anticipated to proceed the upward motion in February, nonetheless, the market thinks $16.00 is the extent for profit-taking and the impartial degree earlier than a serious occasion in March.
This month, Brexit challenge, U.S-China commerce struggle negotiation and Central banks motion on interest-rate ought to affect the sentiment closely. Not too long ago, UK MP rejected a deal proposed by Theresa Could for the second time. It means the nation may select between “No deal” or “Delay Brexit” on the finish of the month. Beneath the present scenario, it’s potential for silver to expertise shopping for because the market flight to secure property.
Click on right here to see earlier Silver long-term technical analysis February 2019
In February, the value of silver tried to interrupt above resistance $16.00 however ended with rejection from the resistance degree. The value closed down and at the moment, the bear adopted by means of by pushing the value decrease. Nevertheless, the bearish momentum shedding steam and silver again to earlier month low.
If the bull may shut the month on the optimistic aspect and close to $16.00 then it’s potential for silver to proceed increased subsequent month.
The bearish motion of silver, ship the value right down to as little as $14.93 earlier than turning up. At present, silver bull follow-through the bounce by shifting above the earlier week excessive. If there isn’t a change within the sentiment then silver anticipated to proceed its upward motion towards $16.00
Every day chart
We may see a bounce from the underside of the channel and the extent close to $14.90. The upward motion brings silver close to the highest of the purple channel. Will the value rejected and begin a brand new bearish leg?
Bullish: Lengthy positions want to attend for a correction in silver costs. Merchants may use the extent close to $14.90 because the reference degree to take lengthy positions.
Bearish: Nearest short-term resistance current on the each day chart (The highest of the purple channel). Brief positions close to the highest of the channel may very well be taken with short-term to medium-term outlook. If the value continues shifting upward then $16.00 is the extent to look at.
— to fxdailyreport.com