Sun, Aug 01, 2021 @ 10:53 GMT

SILVER Bouncing Off

Silver is bouncing off from 16.58 low, trading at 16.66 following recent rise at 17.36 and breaking hourly support at 16.65 (15/02/2018). Silver is heading along the 16.75 range. Hourly support and resistance are given at 16.39 (14/02/2018 low) and 17.43 (15/01/2018 high). The technical structure suggests short-term increase.

In the long-term, the trend remains negative/ sideways. Further downside is very likely. The pair is trading below its 200 DMA. Resistance is located at 21.58 (10/07/2014 high). Strong support can be found at 11.75 (20/04/2009).

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