Silver closed up on Monday made its intraday high of US$16.14/ounce after setting intraday low of US$15.92/ounce. Silver settled down by 0.498% at US$15.98/ounce, noted the OB Technical Analysis Team.
Technicals in Focus:
On daily charts, silver is sustaining below 50DMA (16.56), breakage above 16.56 will lead to 16.85. MACD is below zero line and histograms are decreasing trend and it will bring bearish stance in the upcoming sessions. RSI is in overbought region and indicating pessimistic stance. The Stochastic Oscillator is oversold territory and giving negative crossover, will show downside for the intraday trade.
Trading Strategy: Neutral
Based on the charts and explanations above, buy above 16.00-15.30 targeting 16.70-17.00 and 17.50-18.00; stop breakage below 15.00. Sell below 17.00-18.50 with stop above 18.50; targeting 16.20-15.80 and 15.30; upside breakout of 18.50 will open the way to 18.90.