Key Takeaways
- Silver has been trading in a range between the mid $32s and mid $29s since mid May.
- Recent price action saw Silver break below multi-year support at $30.00, reaching a low of $29.38, before reversing back above the level.
- A re-break below $29.38 could confirm further downside, with a potential target of 28.59 (50-day SMA).
- To resume the uptrend, Silver would need to break above $32.51 and establish a new high, possibly targeting $35.30.
Silver 4-hour Chart
Silver (XAG/USD) has shown a slightly bearish tone recently, with a potential downside if $29.38 is re-broken. The next target for a decline could be around 28.59 (50-day SMA). However, breaking above $32.51 and setting a new high could re-establish the uptrend, targeting $35.30 next.
Frequently Asked Questions
1. What has Silver’s price range been since mid May?
Silver has been trading between the mid $32s and mid $29s since mid May.
2. What happened when Silver broke below $30.00?
When Silver broke below $30.00, it reached a low of $29.38 but then reversed back above the level.
3. What could confirm further downside in Silver’s price?
A re-break below the $29.38 level could confirm more downside and possibly reverse the trend to bearish in the short-term.
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