Silver has bounced off key support and risen up towards the cluster of the 50 and 100-period SMA. The overall short-term trend remains bearish, however, with a risk the precious metal could roll over at any time. Silver is in a falling channel, but the upper boundary has been briefly breached increasing the risk it could break again. Silver has bounced off key support at the June 13 low, and is currently trading up towards the 50 and 100-period Simple Moving Averages .
57, the June 26 low that would reconfirm the downside bias, with the next target lying at the lower channel line, at around $27.50. If Silver continues recovering and breaks on a closing basis above the 50 and 100 SMAs at $29.49 and $29.56 respectively, however, it would probably indicate a continuation higher to the upper channel line at around $29.90. This is also a major resistance level at the top of a four-year consolidation zone.
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Source: FXStreetNews - 🏆 14. / 72 Read more »