Silver recovers in early February

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


The price for silver has experienced a recovery from the support zone of 21.50/22.00. On February 10, the commodity price had pierced the resistance of the 23.50 mark, before retracing to the support of the 50-day simple moving average.

If the commodity price finds support in the 50-day SMA, it could surge first to the 24.00 mark and afterwards the 200-day simple moving average somewhere above the 24.00 level. A passing of the 200-day SMA might result in silver testing the resistance of the 2021 high level trend line in the 24.50/25.00 range.

However, a decline below the 50-day SMA might result in another move to the support zone of 21.50/22.00.
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