Silver is expected to consolidate its strong gains of the past few days, trading around the highs recorded some time ago and appears poised to continue strengthening. The solid rebound from technical support levels and positive movement in daily indicators suggest a positive outlook for silver. If the price manages to break through a new high, silver will likely test higher levels and pave the way for further positive momentum.
However, if silver corrects and moves down from its current level, it is likely to fall to an intermediate support level. If this support fails to hold, the price could move lower and continue the correction. Going forward, silver's movement will largely depend on whether the price can maintain the support level or continue to strengthen. (az)
The price of silver at the time of this analysis was released was $53,599.
Disclaimer:
This article is analytical in nature and does not constitute a definitive reference. Please consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id
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