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Silver intraday analysis 05.04.2019

Short-term bullish bias
Key levels: downside: 15.09 / upside: 15.20

The metal is seemingly in a downtrend as the price has undergone through a series of lower lows. The bearish MA cross in early March could have added more pressure to the downside. Though this could also be a sideways consolidation until further confirmation.

Despite dropping below the key support of 14.98, the price has struggled to go lower but retraced back to near the resistance level of 15.20 instead. The RSI divergence in which the indicator showed a higher low in contrast to the price action is another warning sign that selling pressures have eased. On the hourly chart, the break of the 15.15 resistance suggests buyers are fighting for the control, and the bullish MA cross could be a signal before a upcoming rally.

In case bulls became aggressive, the price could break above 15.20 and rally to 15.25. The downside risk would be a break below 15.09.

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