During the past two days, gold's little brother experienced visible selling pressure. At the end of last week, silver failed again to overcome the upper range and resistance zone around 26.62 USD. The subsequent price weakness caused the silver price to fall back towards the support of 24.77 USD. So far, and thus just before the support, a first counter-manoeuvre by the buyers is taking place today. As long as the price is quoted above 24.77 USD, one can again assume a reaction impulse in the direction of the resistance at 26.62 USD. Whether a breakout above this level will be successful remains to be seen. Above 26.62 USD, further upward potential opens up to the zone of 27.70 USD.
A dip below the current demand zone of 24.77 USD, on the other hand, could lead to a rapid setback to 24.10 USD. Below that, a test of the underlying support at USD 22.80 would have to be planned.
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Notice:
Despite careful analysis, Global Investa assumes no responsibility for the content, timeliness, accuracy or completeness of the information provided. In particular, the information provided does not constitute investment advice, a recommendation to buy or investment brokerage and can in no way replace investor- and investment-appropriate advice from a professional investment advisor who takes into account the client's individual economic circumstances and level of experience.
A dip below the current demand zone of 24.77 USD, on the other hand, could lead to a rapid setback to 24.10 USD. Below that, a test of the underlying support at USD 22.80 would have to be planned.
If you liked the analysis, we would be pleased if you liked or subscribed to it. By doing so, you support our work enormously!
Notice:
Despite careful analysis, Global Investa assumes no responsibility for the content, timeliness, accuracy or completeness of the information provided. In particular, the information provided does not constitute investment advice, a recommendation to buy or investment brokerage and can in no way replace investor- and investment-appropriate advice from a professional investment advisor who takes into account the client's individual economic circumstances and level of experience.
