Silver is currently testing the upper limit of its medium term bearish channel in 33.90 and is expected to begin a decline. However, if these levels are broken down, the significant potential will be revealed initiating a bullish movement.
Technical indicators provide signals for Sell-deals supporting the assumptions of a decline. Bollinger bands have greatly tightened in recent days showing a decline in volatility and the imminence of a violent movement.
According to the previous situation, the market indicates a bullish opportunity as soon as the silver will has broken its resistance in 33.90 with 34.50 and 34.80 seen as its first targets. If the level 33.70 is passed through, the prospect scenario will be reversed.
