The Silver Market, on the H4 time-frame, was in a range until the 25th of June when a lower top was recorded at 15.43742. Selling pressure overwhelmed buying pressure as the bears started to find the price attractive, causing the upward momentum to be disrupted.
After the high at 15.43742, the price broke through the 15 and 34 Simple Moving Average, the Momentum Oscillator pierced the zero baseline and there was a crossing of the 15 and 34 Simple Moving Averages, called a Golden Cross. All confirmed a possibility technical reversal in progress.
A likely critical support level formed when a bottom was recorded at 15.16347 on the 27th of June. Buyers tried to push the market higher but supply again overcome demand with a Shooting Star Candle forming at 15.35292 on the 28th of June.
If Silver breaks through the critical support level at 15.16347, then three possible price targets may be projected from there. Attaching the Fibonacci tool to the lower bottom at 15.16347 and dragging it to the top of the last pullback at 15.35292, the following targets may be calculated. The first target can be anticipated at 15.04640 (161 %). The second price target can be predicted at 14.85695 (261.8%) and the third and final target may be expected at 14.55043 (423.6%).
If the top at 15.35292 is broken, the 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 H4 time-frame will be bearish.
After the high at 15.43742, the price broke through the 15 and 34 Simple Moving Average, the Momentum Oscillator pierced the zero baseline and there was a crossing of the 15 and 34 Simple Moving Averages, called a Golden Cross. All confirmed a possibility technical reversal in progress.
A likely critical support level formed when a bottom was recorded at 15.16347 on the 27th of June. Buyers tried to push the market higher but supply again overcome demand with a Shooting Star Candle forming at 15.35292 on the 28th of June.
If Silver breaks through the critical support level at 15.16347, then three possible price targets may be projected from there. Attaching the Fibonacci tool to the lower bottom at 15.16347 and dragging it to the top of the last pullback at 15.35292, the following targets may be calculated. The first target can be anticipated at 15.04640 (161 %). The second price target can be predicted at 14.85695 (261.8%) and the third and final target may be expected at 14.55043 (423.6%).
If the top at 15.35292 is broken, the 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 H4 time-frame will be bearish.