Silver Futures: Bullish Bias with Volume Confirmation

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  • Recent candlesticks indicate strong upward momentum after a pullback.
  • There is a higher low formation, suggesting a possible continuation of the uptrend.
  • The presence of long wicks in recent candles suggests volatility and buyer strength.
  • Support Levels: Around $33.20 - $33.40 (recent swing low and moving average support).
  • Resistance Levels: Near-term resistance around $34.40 - $34.60 (recent highs).
  • The price is moving towards the upper Bollinger Band, indicating bullish pressure.
  • Declining volume on pullbacks suggests weak selling pressure.
  • Short-term: Bullish
  • Medium-term: Bullish as long as price remains above $33.20
  • Long-term: Bullish if price continues to hold higher lows

Penafian

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