Silver is trading 8% lower on Monday as the greenback kicks on. There has been an interesting chart pattern which has now been taken out. Silver 4-hour chart The greenback strength has hit commodities hard on Monday as most of the majors are lower. Silver, in particular, has had a tough session trading lower by over 8% at one stage. The dollar had been moving sideways for a while but after the Fed failed to provide the market with much confidence last week it seems the dollar bulls have jumped on board. The key feature on the chart is the triangle pattern marked in black. Also, the red support area has been broken to the downside. Now it could be used as a resistance zone in the future. The next major support is at the blue line just above USD 22 per troy ounce. The indicators have now turned bearish. The Relative Strength Index is now overbought and could pullback in the short term. The MACD is painting a very bearish picture, the signal lines and histogram are now under the zero level. Overall, this looks like a major trend change. The market had been holding in a consolidation pattern but now the pattern has broken to the downside. If the price can break below USD 23 per ounce it would confirm the bearishness. Additional levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Trump: Looking at five women for the Supreme Court nomination FX Street 1 year Silver is trading 8% lower on Monday as the greenback kicks on. There has been an interesting chart pattern which has now been taken out. Silver 4-hour chart The greenback strength has hit commodities hard on Monday as most of the majors are lower. Silver, in particular, has had a tough session trading lower by over 8% at one stage. The dollar had been moving sideways for a while but after the Fed failed to provide the market with much confidence last week it seems the dollar bulls have jumped on board. The key feature on the chart is the… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
