Silver prices rose significantly in the past month and peaked at $34.40 an ounce. However, the daily chart is suggesting that a recent upwards trend is loosing steam and a bearish correction is impending. Forex traders involved with commodities like this can take advantage of this knowledge by going short on silver now, and at a great entry price!
• Below is the 4-hour chart for silver by ForexYard.
• The technical indicators used are the Slow Stochastic, RSI and Williams Percent Range.
• Point 1: The Slow Stochastic indicates a bearish cross, signaling that the next move may be in a downward direction.
• Point 2: The Williams Percent Ranges is showing that this pair is heavily over-bought and may be experiencing strong downward pressure.
• Point 3: The RSI signals that the price of this pair currently floats in the over-bought territory, suggesting downward pressure.
