{"id":11164,"date":"2021-07-02T08:01:00","date_gmt":"2021-07-02T07:01:00","guid":{"rendered":"https:\/\/youtrading.com\/en\/?p=11164"},"modified":"2021-07-02T18:50:50","modified_gmt":"2021-07-02T17:50:50","slug":"silver-technical-analysis-watching-the-correlations","status":"publish","type":"post","link":"https:\/\/youtrading.com\/en\/silver-technical-analysis-watching-the-correlations\/","title":{"rendered":"Silver Technical Analysis – Watching the correlations"},"content":{"rendered":"\t\t
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The price of silver<\/a> is trapped towards the $26.00 area as precious metals continue to trade on the backfoot due to the US dollar index<\/a> trading at a 2.5 month high, and gold<\/a> struggles to move back above the $1,800 level.<\/p>

Today\u2019s Non-farm payroll job report could be a big deal for silver traders as a strong than expected headline number could cause further US dollar strength, which would be bad for precious metals in general such as silver, gold, and copper.<\/p>

It is clear that silver has a close inverse price correlation with the US dollar index so it will be particularly crucial that the greenback holds under the 93.45 level in order for a reversal to take place.<\/p>

Gold demand is also a problem for silver right now. The two metals share a strong price correlation and a weak demand for the yellow metal and a subsequent price drop under the current weekly trading low, around $1,755, could create serious problems for silver prices.<\/p>

The current technical picture is bearish for silver is bearish in the short-term. A major trendline is likely to come in focus if the $25.45 support level is broken, which is where the uptrend line for spot silver since December 2020 is found.<\/p>

Last week the ActivTrader Market Sentiment tool showed some 88 percent of trader held a bullish sentiment bias towards silver. The Market Sentiment tool now shows that 86 percent of traders bullish towards silver.<\/p>

Traders have remained rigid in their view that silver prices are rising since the shiny metal lost the $28.00 support region last month. Current high sentiment levels are a major concern for me right now.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Silver short-term Technical Analysis<\/strong><\/p>

The short-term technicals for silver show that a false breakout from a descending triangle pattern took place this week, and silver has now moved back inside the triangle, between the 26.45 and 25.50 levels.<\/p>

According to the overall size of the mentioned pattern traders should prepare themselves for a 100-point price move once a definitive move from the triangle pattern takes place.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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See real-time quotes<\/a> provided by our partner.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Silver Medium-term Technical Analysis<\/strong><\/p>

The daily time frame shows that the price of silver is testing its 200-day moving average, around $26.00. This has been the case for around one-week, and the failure to rally from this key metric is a concern.<\/p>

Silver is also sitting around the neckline of a head and shoulders pattern. The pattern holds a downside projection of around $3.00, making this a key moment for silver.<\/p>

Overall, watch out for a rebound towards the $29.00 if the pattern is invalidated or a price collapse towards the $23.00 if the pattern is activated.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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See real-time quotes<\/a> provided by our partner.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

The price of silver is trapped towards the $26.00 area as precious metals continue to trade on the backfoot due to the US dollar index trading at a 2.5 month high, and gold struggles to move back above the $1,800 level. Today\u2019s Non-farm payroll job report could be a big deal for silver traders as […]<\/p>\n","protected":false},"author":4,"featured_media":11173,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[28,163,49,40],"yoast_head":"\nSilver Technical Analysis - Watching the correlations - Youtrading UK<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/youtrading.com\/en\/silver-technical-analysis-watching-the-correlations\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Silver Technical Analysis - Watching the correlations\" \/>\n<meta property=\"og:description\" content=\"The price of silver is trapped towards the $26.00 area as precious metals continue to trade on the backfoot due to the US dollar index trading at a 2.5 month high, and gold struggles to move back above the $1,800 level. 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