Since late June silver is behaving in a line with
expectations, though is facing some difficulties to set forceful direction
upwards.
Moving on up is quite sure, but we should not disregard the last week swing,
which might be read as a prolonged consolidation period.
Anyway, silver has not lost track of time as today bulls are with elevated
spirit. The key support, located at $20.09 remained below. The intraday high
was marked at $20.65 and the low at $20.22. Closing above today’s high will
push silver to test the next resistance at $20.78. On the other hand, a daily
close below $20.09 will drag silver to support zone $19.96 and $19.88.
In a very short-term the bias remains bullish, having in mind the 20-days,
30-days and 55-days EMA, which are highlighting the upward movement.
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