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Silver (CME) (Z3) intraday: the RSI is overbought

2023-10-23
912

Our pivot point stands at 23.57.

Our preference: the upside prevails as long as 23.57 is support.

Alternative scenario: the downside breakout of 23.57 would call for 23.31 and 23.15.

Comment: the RSI is trading above 70. This could mean that either prices are in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Silver (CME) (Z3) is trading above both its 20 and 50 period moving average (respectively at 23.36 and 23.20). Finally, the Silver (CME) (Z3) has crossed above its upper Bollinger band (23.83).

Supports and resistances:

24.65 **

24.49 *

24.33 **

24.17

23.85 last

23.68

23.57 **

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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