Hi friends,
Like Gold, Silver is also set for a correction soon. Silver has rallied all the way from $26.60 to $30.50 today in exactly one month's time frame. Below is the chart showing its Stochastic RSI moves:-
According to Stochastic RSI, D is at 76.93 whereas K is at 92.38. I am expecting K to soon cross below D & confirm the sell signal.
Bollinger Bands on the other hand is also giving clear sell signal:-
The RSI is also in overbought zone now.... out of 3 RSI's 2 are already in overbought zone. Below is the chart showing all the 3 RSI's:-
In stead of RSI, I rely much on its stochastic moves, which I believe shows much clear pic.
So IMHO, this silver rally like gold should also fade out soon. Or max it can stretch little more which we often see happening with positive sentiments.
regards,
kiran..
Like Gold, Silver is also set for a correction soon. Silver has rallied all the way from $26.60 to $30.50 today in exactly one month's time frame. Below is the chart showing its Stochastic RSI moves:-
According to Stochastic RSI, D is at 76.93 whereas K is at 92.38. I am expecting K to soon cross below D & confirm the sell signal.
Bollinger Bands on the other hand is also giving clear sell signal:-
The RSI is also in overbought zone now.... out of 3 RSI's 2 are already in overbought zone. Below is the chart showing all the 3 RSI's:-
In stead of RSI, I rely much on its stochastic moves, which I believe shows much clear pic.
So IMHO, this silver rally like gold should also fade out soon. Or max it can stretch little more which we often see happening with positive sentiments.
regards,
kiran..
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