Silver price continues falling after touching the top of its range and forming a Bearish Engulfing candlestick pattern. The MACD has crossed its signal line giving a sell signal. Silver price will probably fall towards a cluster of MAs in the $23.000s Silver price is trading in the $24.580s on Friday. It has just reversed after touching the top of a multi-month range. Silver rallied up during the first half of March until it reached the ceiling of a long-term range at around $25.750.
Silver versus US Dollar: Daily chart The Moving Average Convergence/ Divergence momentum indicator has crossed below its signal line, giving a sell signal. The MACD is an especially reliable indicator within range-bound markets and adds credence to the bearish view. The pair will probably continue south to a potential target at the cluster of major moving averages, in the lower $23.000s. The topmost is the 100-day Simple Moving Average at $23.550. A break below the $24.
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