- June 1, 2021
- Posted by: cabana-admin
- Category: Forex Broker, Market Insights
General overview: Silver edged higher for the third consecutive session, though lacked any follow-through. Bulls struggled to find acceptance, build on the momentum beyond the $28.00 mark. The set-up supports prospects for an upside breakout through the recent trading range. Silver build a range bound position and built consolidation range till yesterday over 28.00 level, but today we can see that pair crossed its resistance level 28.00 level and sit towards its buy range, pair is still moving towards its higher high side in the market and makes the buy range in the market. This marked the third straight day of an uptick, through bulls struggled to find acceptance above the $28.00 mark or capitalize on the move. The recent pair moves constituted the formation of a rectangle, marking a consolidation phase and pointing to indecision over the white metal’s next leg of a directional move. The pair makes the rounding top in the market, the metal showing some buy moves till level 28.60.
Technical overview: From the technical point of view we can say market is forming the buy zone in the market, on the 4 hourly chart market makes the uptrend in the market after the pervious rising till level 28.60 market start falling to below 27.31 level and after remain in the range bound range area, today the pair break its resistance level 28.00 on the hourly chart we can see and now creating the buy range in the market, odds are in favors of bulls in market. The strong EMA and SMA level will below the pairs and create the bullish segments in market. The support level will be 27.80 followed by 27.20 and resistance will be 28.66 followed 28.80. The RSI will sit towards buy side above 50 level as well as MACD also above zero level creates its buy range
Trade idea: our traders will sit on buy side at level 28.30 target will be 28.60 and 28.80 and stop loss will be 27.60