Growing Demand Likely to Drive Silver Towards 30.00
As the global economy stabilises, demand is once again picking up. This is affecting the commodities market positively, including silver.
The price is currently testing the major resistance level at 27.500. Once the price manages to break it, the next target would be the psychologically significant resistance at 30.00.
Conversely, a potential (temporary) dropdown to the 100-day MA (in blue) or 200-day MA (in orange), both of which serve as floating supports, could allow bulls to enter long at a discount.
At any rate, the recent breakout above the Wedge's upper boundary confirms these bullish expectations.
The price is currently testing the major resistance level at 27.500. Once the price manages to break it, the next target would be the psychologically significant resistance at 30.00.
Conversely, a potential (temporary) dropdown to the 100-day MA (in blue) or 200-day MA (in orange), both of which serve as floating supports, could allow bulls to enter long at a discount.
At any rate, the recent breakout above the Wedge's upper boundary confirms these bullish expectations.
