The Silver Market, on the D1 chart, was in an uptrend from the beginning of December until the 27th of February when a higher top was recorded at 16.25260. Buyers found the price attractive and supply overwhelmed demand.
The price sliced through the 15 and 34 Simple Moving Averages with the Momentum Oscillator breaking the zero baseline, both confirming a possible technical reversal in progress. This was further strengthened by the crossing of the 15 and 34 Simple Moving Averages, called a Death Cross.
A possible critical support level formed when a low was recorded at 14.97992 on the 7th of March. Demand however managed to temporarily overpower supply and the price bounced against the 34 Simple Moving Average before sellers again started entering the market in substantial numbers. This was confirmed by a Three Black Crows Candle pattern that occurred after the 34 Simple Moving Average was touched. The market then again made a low at the possible critical support level that formed at 14.97992 on the 28th of March before a short-lived bullish pullback occurred on the 1st of April at 15.22216.
If the price of Silver breaks through the critical support level at 14.97992, then three possible price targets may be projected from there. Attaching the Fibonacci tool to the support level at 14.97992 and dragging it to the top of the pullback at 15.22216, the following targets may be calculated. The first target can be anticipated at 14.83022 (161 %). The second price target can be predicted at 14.58798 (261.8%) and the third and final target may be expected at 14.19603 (423.6%).
If the top at 15.22216 is broken, the possible scenario is invalidated and will need to be re-evaluated.
As long as sellers maintain a negative sentiment and supply overcomes demand, the outlook for the Silver market on the D1 time-frame will remain bearish.
The price sliced through the 15 and 34 Simple Moving Averages with the Momentum Oscillator breaking the zero baseline, both confirming a possible technical reversal in progress. This was further strengthened by the crossing of the 15 and 34 Simple Moving Averages, called a Death Cross.
A possible critical support level formed when a low was recorded at 14.97992 on the 7th of March. Demand however managed to temporarily overpower supply and the price bounced against the 34 Simple Moving Average before sellers again started entering the market in substantial numbers. This was confirmed by a Three Black Crows Candle pattern that occurred after the 34 Simple Moving Average was touched. The market then again made a low at the possible critical support level that formed at 14.97992 on the 28th of March before a short-lived bullish pullback occurred on the 1st of April at 15.22216.
If the price of Silver breaks through the critical support level at 14.97992, then three possible price targets may be projected from there. Attaching the Fibonacci tool to the support level at 14.97992 and dragging it to the top of the pullback at 15.22216, the following targets may be calculated. The first target can be anticipated at 14.83022 (161 %). The second price target can be predicted at 14.58798 (261.8%) and the third and final target may be expected at 14.19603 (423.6%).
If the top at 15.22216 is broken, the possible scenario is invalidated and will need to be re-evaluated.
As long as sellers maintain a negative sentiment and supply overcomes demand, the outlook for the Silver market on the D1 time-frame will remain bearish.