Silver Short-Term Analysis for 08/11/2024
Disclaimer: This is my personal opinion and is intended for educational purposes only. Please consult your financial advisor before making any decisions.
Time Frame: 4-hour
Market Analysis:
The 4-hour XAGUSD chart exhibits a bearish trend, with the Relative Strength Index (RSI) indicating a slight oversold condition.
Key Levels:
POC (Daily Point of Control): 30.59
Order Block (Lower Target): 28.90 - 28.72
Resistance: 32.74
Local Support: 30.12
Trading Bias:
The price is retesting the strong support level at 31.47. If it holds, the price may move upward to 32.75 (POC). Conversely:
A break below 30.12 (local low) could send the price to 30.80 (previous low).
If 30.81 holds as support, the trend may turn more bearish, potentially dipping to 28.92 - 28.72.
https://www.tradingview.com/x/5caw4KnE/
Time Frame: 4-hour
Market Analysis:
The 4-hour XAGUSD chart exhibits a bearish trend, with the Relative Strength Index (RSI) indicating a slight oversold condition.
Key Levels:
POC (Daily Point of Control): 30.59
Order Block (Lower Target): 28.90 - 28.72
Resistance: 32.74
Local Support: 30.12
Trading Bias:
The price is retesting the strong support level at 31.47. If it holds, the price may move upward to 32.75 (POC). Conversely:
A break below 30.12 (local low) could send the price to 30.80 (previous low).
If 30.81 holds as support, the trend may turn more bearish, potentially dipping to 28.92 - 28.72.
https://www.tradingview.com/x/5caw4KnE/
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