Silver slightly uplifted

During the last two weeks silver has been seen in choppy trading, forming many fleeting chart patterns, that couldn’t indicate any reasonable movement and developed to nowhere.

Since the marked high from 10th July at $20.661, silver prices formed a channel with prevailing bearish sentiment. The intraday frames were coloured with lower lows and lower highs, that couldn’t accelerate further on.

During today’s session the intraday low was marked at $19.270 and the high at $19.905, which is showing a bounce form the bottom side of the channel and meanwhile braking the support at $19.466. In the daily chart is clearly seen that the 20-day, 30-day and 55-day EMA steer to upwards and confirm the bulls run. 

Looking from the short-term perspective, silver is stuck between strong support and tilt resistance zone, drawing downside movements.  

A possible close over $20.15 area will lead XAG/USD to resistances locates at $20.45, $20.66 and $21.09. On the other hand, closing below $19.20 will drag the prices to supports levels at $19.15, $19.5 and $18.63.