Silver Price action remained volatile and under pressure amid expectations for Higher Interest rates. Economic reports from United States and Rhetoric of Fed members will drive the market sentiment for rest of the month. Prices are trading in a sluggish mode with on and off volatile moves on both sides since Mid November. Price action Trading analysis on 4h chart offers some insight and clues about present conditions, future direction of the market.
Prices tumbled throughout November; month’s high is around 19.00 and low is at 16.16. We saw some corrective rallies prior to US election which got subsidized by bears later on. On 28th of November we saw an Upside breakout from the falling price channel in 4h chart. But the breakout didn’t produce any decent moves, instead prices consolidated aftermath. There are possibilities of failed breakout. Traders should gauge the price action, focus on comments from FED members and keep in track with US economic reports. Look for strong move in either side.
