Silver (CME) (Z3) intraday: the RSI is overbought
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:
CM Trade Mobile Application