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Silver (CME) (Z3) intraday: below its lower Bollinger band

2023-09-13
964

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:

23.71 **

23.58 *

23.36 **

23.28

23.19 last

22.91

22.78 **

The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.

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