If silver cannot hold at $30.66, it may fall towards $30 or even $29.50!
After hitting a two month high of $31.43 last Friday, silver prices have fallen this week. Although the US economic data is weak and the US treasury bond bond yield remains unchanged, the silver price failed to get a boost.
Precious metal analyst Christian Borjon Valencia said that silver is showing an upward trend, but if it falls below the downward resistance trend line and turns into support, it may further decline. The Relative Strength Index (RSI) has hit around 64 and slightly declined, indicating that sellers are getting involved.
If the closing price of silver is below $30.66, it may further decline and challenge the $30.00 mark. If the silver price further weakens, the next stop loss point will be the 100 day moving average (currently at $29.50), followed by the 50 day moving average (currently at $28.95).
On the other hand, if the silver price can remain above $31.00, it is expected to retest the high of $31.42 on September 20th.
Daily chart of spot silver
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