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Silver 240 Minute Chart Analysis

Silver prices are currently in a bullish range, with prices at the 25.005 level. The market is showing signs of a strong bullish bias as the price is above the 50 and 200 Day Moving Averages

There are two possible scenarios for the market: 

Scenario 1: 

  • Price may decline to test the 24.897 level, and if successful, could continue lower to test the 24.533 level and the 24.411 level.
  • The 23.239 level is a crucial support level to monitor, as if the level is tested, then 24.831 to 24.721 could be possible support areas with 24.579 acting as a very major bearish support zone.

Scenario 2: 

  • Price could move higher from the current level to retest the 25.196 level, and potentially encounter resistance at the 25.249 level.
  • Further upward momentum may lead to a test of the 25.329 level and the 25.471, which is a major level to watch along with the 25.598 level.

It is important to exercise caution as the market could range between the 25.500 and 24 levels. The market’s reaction at these levels will determine its future direction. The momentum for the market is currently up, and the Relative Strength Index (RSI) is in an overbought range