Silver Trading at Range Support Around 31.00

XAG/USD (Silver)

Silver trading market indicator- 4H chart- indicates signs of the market being controlled by range. For instance, resistance stands at R1:33.05 and R2:33.25, while support remains at S1:31.15 and S2:30.97. This range can give more directional clues.

silver trading, silver market, silver trading news, silver rates, silver trading market

The fact that the price remains below the 200 4H’s plain average price along with 55 and 21is a clear indication of a bearish bias. Under normal circumstances, any bearish average price configuration of a bearish sell would offer 200 above and 100, 55, 21 and 8 going down. But right now the arrangement is 200, 100, 21, 55, 8 suggesting a bearish bias, but with some choppiness against such bias.

Another bearish indication comes from the idea that the most recent rally succumbed to range resistance and dropped away from the center of the range. This draws the conclusion that bears have taken over in terms of consolidation.

The silver market index shows signs of the market moving sideways. The drop in prices begins at R1:33.05 and R2:33.25. Rally begins at S1:31.15 and S2:30.97.

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