- January 31, 2022
- Posted by: cabana-admin
- Category: Market Insights
General overview: Bulls looking to higher highs for sessions ahead. US data is on the card for the week ahead, CPI especially. Silver added to the previous day’s post-FOMC gains and climbed to over two-week tops. Bulls now await a move beyond the $22.46. Confluence hurdle before placing fresh bets. The pair rises towards the north direction in the market. The pair keeps on rising towards the buy side in the market. The market makes its high and started its bullish movement in the market. Silver built on the overnight post-FOMC positive move and gained some follow-through traction through the Asian session on Thursday. The pair shows the week top and pushed the bullish traders towards the buying side in the market. it will pushed the metal towards the buying side in market . The potential traders sustained move beyond 200 SMA in the market.
Technical analysis: From the technical point of view we can say that market creates the strong bullish side in the market. The pair makes the bullish candlesticks towards the higher side as the moving averages is providing support from the downside and makes ascending swings in the market. on the hourly chart also see that bulls are now playing at the front foot and makes the bullish side in the market, the pair is finding the support from the minor EMA lines here as the major SMA line is also below the pair, we can expect another upwards sloping trend in the market, constitutes from the upwards wedge pattern. Meanwhile, technical indicators on the daily chart, so far, have been struggling to gain any meaningful positive momentum. Moreover, RSI on hourly charts has moved on the verge of breaking into the overbought zone. The set-up, in turn, warrants some caution for bulls and before positioning for any further appreciating move.
Trade idea: Our traders will sit on the buy side at level 22.47 and target will be 23.00 -23.45 stop losses will be 21.50