Silver is currently testing the intermediate support of its medium term bullish channel at 32.40 suggesting a rebound. However, break through these levels will entail a return to the lower limit of this one to 30.80.
Technical indicators provide buy-signals but are approaching the overbuy zone 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 previous events, the market indicates a bullish opportunity at the levels of 32.40 with the 1st objective of 33.00, then 33.20. A break through 32.20 will invalidate this scenario.
