The Silver on the 4-hour time frame has been following a downtrend. The price reached the lowest level since December 2018 at 14.584 on 1 May. The recent movement in the Silver is driven by the overall bearish sentiment in the market.
The 4-hour chart of the Silver confirms the negative sentiment in the price movement as the commodity is making successively lower tops and lower bottoms.
By applying Oscillators Analysis, all three indicators confirm the negative bias in the market. As the chart shows, price is well below the 200-period Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values below the zero-line which shows negative sentiment in the Silver. RSI (Relative Strength Index) showing values below 50 which supports the bearish sentiment.
In alternative scenario, first resistance level lies at 15.081. Bulls must break this level in order to regain bullish sentiment in the market, otherwise Silver is heading towards another low of 2019.
The 4-hour chart of the Silver confirms the negative sentiment in the price movement as the commodity is making successively lower tops and lower bottoms.
By applying Oscillators Analysis, all three indicators confirm the negative bias in the market. As the chart shows, price is well below the 200-period Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values below the zero-line which shows negative sentiment in the Silver. RSI (Relative Strength Index) showing values below 50 which supports the bearish sentiment.
In alternative scenario, first resistance level lies at 15.081. Bulls must break this level in order to regain bullish sentiment in the market, otherwise Silver is heading towards another low of 2019.