- Silver is pressed up against a daily dynamic trendline resistance.
- Bulls rely on hourly structure to push higher.
Silver is down some 0.4% and topping out in the final part of the US session after a move up from today’s lows of $20.674. The precious metal made a high of $21.015 while traders balance the risks associated with the Federal Reserve’s interest rate policy and sentiment.
Meanwhile, from a technical outlook, the white metal is up against major resistance as the following illustrates:
The daily charts see the metal pressed up against a daily dynamic trendline resistance as the price corrects after breaching the horizontal structure. If the bears commit around here, there will be prospects of a downside continuation:
As per the hourly chart below, however, the price has broken up and there are prospects of a near term bullish continuation:
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