Silver Prices Fall Deeper into Narrowing Range
- Buz Traders Digging Deeper Silver Prices Fall Deeper The precious metal is trading at $19.51 per ounce at 09:40 GMT this morning, 0.08% lower from the New York close.
- During the session, silver traded at a high of $19.61 per ounce and a low of $19.46 per ounce. In the New York session yesterday
- silver fell 0.26% and closed at $19.52 per ounce. Immediate downside, the first support level is seen at $19.38 per ounce, while on the upside, the first resistance level is at $19.69 per ounce.
Silver Prices Fall Deeper Silver remains in oscillation
Silver Prices Fall Deeper The very short-term trend is lower within the contracting range
Weakness could carry down to around 19, but not any lower if our daily bullish set-up is to maintain
While the price of silver oscillates back-and-forth in the converging range, so do we in examining the metal from varying time-frames. Today we will take a close up look to see where it is likely headed in the very short-term.
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Silver Prices Fall Deeper
After putting in a small reversal day off the trend-line running back to the July peak , silver is weakening towards the middle of the narrowing daily range. Broadly speaking, this is setting up nicely so far for the bulls as long as it continues to coil and hold support. It could be a big October.
But looking at the very short-term, the bias is tilted in favor of shorts with the near-term trend pointing lower following the down lower from resistance.
On the hourly chart we see a series of a lower highs and lower lows kept under tight wraps with the help of a downtrend line beginning at the 9/22 peak.
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