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Silver forms inverted head and shoulder on hourly chart

FXStreet (Mumbai) - Silver has formed an inverted head and shoulder formation on the hourly charts after it rallied from a low of USD 17.07/Oz, hit yesterday.

However, the prices have declined in last one hour after failing to sustain above the technical resistance of USD 17.63/Oz. Silver prices rallied since yesterday, tracking the gains in Gold and the losses in the US Dollar index post the release of the Federal Reserve (Fed) minutes.

Silver Technical levels

Silver has an inverted had and shoulder neckline resistance around 17.75 levels, breach of which shall open doors for 18.00 and 18.27 levels. On the downside, an immediate support is located at 17.38 levels. Hourly indicators have comfortable turned bullish.

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