Silver is trending upwards! If it breaks through $34.29, it will challenge $34.86 and $35.40
On October 25th, precious metal analyst Christian Borjon Valencia stated that spot silver prices have rebounded from a low of $33.09 and are currently trading at around $33.40. As the RSI approaches the overbought zone, it indicates a bullish trend in silver prices.
Precious metal analyst Christian Borjon Valencia said that although silver prices have hit new weekly lows for several consecutive days, they still lean upwards. As shown by the Relative Strength Index (RSI), momentum supports buyers and prices are expected to accelerate back towards overbought areas. Therefore, the path with the least resistance to silver prices is upward.
The key resistance levels for silver prices include a high of $34.29 on October 24th, followed by a year to date high of $34.86. If further strengthened, silver prices may challenge the peak of $35.40 in October 2012.
On the contrary, if the price of silver falls, it may pave the way for further decline. The first support level is the daily low of $33.24 on October 24th, followed by $33.00. If it falls below $33, the silver price may drop to $31.32, the lowest point of volatility on October 17th.
Daily chart of spot silverTips：This page came from Internet, which is not standing for FXCUE opinions of this website.
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