Silver (CME) (Z3) intraday: below its lower Bollinger band
Our pivot point stands at 23.36.
Our preference: the downside prevails as long as 23.36 is resistance.
Alternative scenario: above 23.36, look for 23.58 and 23.71.
Comment: the RSI is below 30. It could either mean that prices are in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. Silver (CME) (Z3) is trading under both its 20 and 50 period moving average (respectively at 23.34 and 23.33). Finally, the Silver (CME) (Z3) has penetrated its lower Bollinger band (23.21).
Supports and resistances:
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