FX.co - Analysis of Silver for September 23,.2022 - Fake breakout of the triangle and potential for bigger drop

2022-09-23T08:25:51

Relevance until2022-09-24

Technical analysis:

Analysis of Silver for September 23,.2022 - Fake breakout of the triangle and potential for bigger drop

Silver has been trading downside this as I expected. There is the potential for the bigger breakdown and lower prices.

Trading recommendation:

Due to the fake breakout of the triangle in the background and strong reversal, I see potential for further drop.

Watch for the potential selling opportunities on the intraday rallies with the downside objectives at the price of $18.78 and $18.53.

Stochastic oscillator is fresh bear cross, which is another sign for the downside movement.

Key resistance is set at the price of $20

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Petar Jacimovic

FX.co ★ Analysis of Silver for September 23,.2022 - Fake breakout of the triangle and potential for bigger drop