Silver Prices: Nonfarm Payrolls to Set Direction Amid Dollar Strength

NEW YORK (January 5) Silver on January 5th, is exhibiting signs of a bearish trend, indicated by a minor decline of 0.10%, positioning it at $22.98. Its technical landscape is shaped by its break below the crucial pivot point of $23.18 and the 50-Day Exponential Moving Average (EMA) of $23.58.

This breach signals potential continued weakness, reinforced by the Relative Strength Index (RSI) at 35, suggesting bearish momentum as it is below the neutral 50 mark. Key resistance levels are identified at $23.53, $24.01, and $24.49, which if surpassed, could alter the current bearish sentiment. Conversely, support is found at $22.53, $21.99, and $21.58.

The break below the symmetrical triangle pattern, previously supporting at $23.17, now acts as resistance, consolidating the bearish outlook. The overall trend for silver is bearish below the $23.17 level, necessitating close monitoring of these technical indicators for any shifts in market dynamics.

FXEmpire