Silver Poised to Continue Rising, What Will Happen Next?
Silver is expected to consolidate its strong gains over the past few days, trading around the highs recorded recently and appearing 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, it is likely that silver will test higher levels, paving the way for further positive momentum.
However, if silver corrects and moves down from its current level, it is possible that the price will 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
- Buy if the price moves within $53,899
- Sell if the price moves within $53,299
Resistance 2: $54,499
Resistance 1: $54,199
Support 1: $52,999
Support 2: $52,699
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
