Silver / U.S. DollarShort
Silver potential Short trade on Daily chart.
Overbought conditions on Daily RSI (80/20 settings) Silver is at the top of the Bollinger bands, top of the 100% Fibonacci retracement, finding resistance from an ascending trend line starting from 31st of January 2008 and possibly at the top of a rising wedge (the white lines highlight the rising wedge and the red line is the ascending trendline starting from 2008) we are 3 standard deviations from the mean of the linear regression trend. There are also some other variables to take into account such as the US dollar and Gold potentially forming a top shortly. Regardless, expect a pullback soon.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.