Silver trades near low level zone

Note: This section contains information in English only.
Source: Dukascopy Bank SA


Since July 2021, the price for silver has been trading between a support zone at 21.50/22.00 and the resistance of the 200-day simple moving average. In mid-January, the price bounced off the simple moving average near 24.60 and started a decline. On January 31, the commodity was approaching the 22.00 mark.

A bounce off from the 21.50/22.00 zone would most likely look for resistance in the 50-day SMA near 22.93, before aiming at the 200-day simple moving average. Above the SMAs, note the trend line, which connects the 2021 high levels.

Meanwhile, a decline below the 21.50/22.00 zone would have no technical support as low as the 2019 and early 2020 high level zone at 18.97/19.65. However, round price levels like 21.00, 20.50 and 20.00 could act as support.
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