Spot Silver Current Trend : Spot Silver quotes continue corrective gains amid rising US inflation, trading around $25 per ounce.
Lately, there have been quite a few factors supporting the rise in metals: US inflation, which reached 6.2% for the first time in 30 years, persistent problems in supply chains around the world, caused by the spread of new strains of coronavirus, and continuing fuel a crisis.
According to yesterday’s data, gasoline inventories fell again, this time by 0.708M barrels, and gasoline production – by 0.132M barrels, which soon will put even more pressure on investors.
Summing up, there are still many risks for the economies of leading countries, and the stock market is at its highs within the reporting period. Precious metals remain the only relatively reliable and inexpensive assets. Gold quotes have already made several significant leaps, which means that the growth of silver is expected soon.
Silver Support and Resistance Level
The price consolidated above the local high of the last month and started working out the local Head and shoulders reversal pattern. Technical indicators keep buying signal: indicator Alligator’s EMA fluctuations range expands, and the AO oscillator histogram is high in the buy zone.
Resistance levels: 25.60, 27.36.
Support levels: 24.40, 22.95.
Silver Trading tips
After growth and consolidation above the local resistance around 25.60, buy positions with the target at 27.36 will be relevant. Stop loss is 25.00, below the local support. Implementation period: 7 days or more.
After a reversal and decline or consolidation below the local support of 24.40, sell positions with the target at 22.95 are relevant. Stop loss is 25.10, below the current price.
Scenario
- TIME FRAME WEEKLY
- RECOMMENDATION BUY STOP
- ENTRY POINT 25.65
- TAKE PROFIT 27.36
- STOP LOSS 25.00
- KEY LEVELS 22.95, 24.40, 25.60, 27.36
Alternative scenario
- TIME FRAME WEEKLY
- RECOMMENDATION SELL STOP
- ENTRY POINT 24.35
- TAKE PROFIT 22.95
- STOP LOSS 25.10
- KEY LEVELS 22.95, 24.40, 25.60, 27.36
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