FX.co ★ Technical Analysis of Intraday Price Movement of Silver Commodity Asset, Tuesday August 20, 2024.

If we look at the 4-hour chart of the Silver commodity asset, there are several interesting things, first the EMA 9 intersects above the SMA 50 and the Silver price movement is above both MAs, second the appearance of Bullish 123 followed by several Bullish Ross Hook (RH), third the appearance of the Ascending Broadening Wedge pattern followed by the fourth thing is the deviation between the Silver price movement which forms Higher-High while the MACD Histogram indicator forms Higher-Low so based on the first and second facts we know that Buyers still dominate this commodity asset so that in the near future it has the potential to lift Silver to the level of 29,395 if this level is successfully broken upwards then 30,177 has the potential to be tested by the commodity asset even if the momentum and volatility support then 30,660 will be the next target to be targeted, but based on the third and fourth facts Silver also has the potential to be corrected down to the level of 28,503 but as long as the weakening correction does not breaks below 28,205 then Silver will still be at Bullish bias.

(Disclaimer)