Silver is presently testing the upper limit of its medium term bearish channel in 32.70 and is expected to decline. However, if these levels are passed through, the released potential will result in the beginning of a bullish trend.
Technical indicators do not provide clear signals but as the resistance remains unbroken, the rate is likely to decline. Bollinger bands have greatly tightened in recent days showing a decline in volatility and the imminence of a violent movement
Procceding form the previous situation, the market indicates a bullish opportunity as soon as the silver will has broken its resistance in 32.70 with 33.30 and 33.50 seen as first objectives. A breakdown in 32.50 will cancel.
