Silver has not yet reached the previously identified target of 56.000, having reversed at its peak on October 17. A second attempt at this level is likely—though only after the current correction completes and the price tests the support at 45.905. The red line of the price channel and the daily-scale MACD line form this support level.
The balance line is also moving closer to the target zone. Meanwhile, the Marlin oscillator has settled into negative territory, which suggests the potential for further downside.
On the four-hour chart, the price has paused in its correction near the 38.2% Fibonacci retracement level. The current candlestick opened below this Fibonacci arc, while the Marlin oscillator has turned downward. This indicates that the market is preparing for a new bearish impulse, possibly with a breach of the nearest lower arc. Just below that lies the key support at 45.905.
The material has been provided by InstaForex Company - www.instaforex.com
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Silver has not yet reached the previously identified target of 56.000, having reversed at its peak on October 17. A second attempt at this level is likely—though only after the current correction completes and the price tests the support at 45.905. The red line of the price channel and the daily-scale MACD line form this support level.
The balance line is also moving closer to the target zone. Meanwhile, the Marlin oscillator has settled into negative territory, which suggests the potential for further downside.
On the four-hour chart, the price has paused in its correction near the 38.2% Fibonacci retracement level. The current candlestick opened below this Fibonacci arc, while the Marlin oscillator has turned downward. This indicates that the market is preparing for a new bearish impulse, possibly with a breach of the nearest lower arc. Just below that lies the key support at 45.905.
The material has been provided by InstaForex Company - www.instaforex.com