Silver surges in channel

Source: Dukascopy Bank SA


Since September 2020, the price for silver has never declined below the support zone of 21.50/22.00. Namely, the support zone kept the rate up in September and December of 2020. More recently, in May 2021, the price of the commodity tested and bounced off the resistance of the 28.60/28.80 zone. This resulted in a decline, which reached the 21.50 mark in late September.

The 21.50 level provided the price with enough support for a surge to start. Up to October 25, the commodity experienced a sharp surge, which was followed by a decline to the support of the 200-four hour simple moving average at the 23.00 level. From the 23.00 another surge started.

In general, by connecting the mentioned low levels and the late October high level, one can observe that the surge of the pair has been occurring in a channel up pattern, which could guide the rate to the August high level zone at 25.80/26.00.

On the other hand, take into account that the commodity price could bounce off the upper trend line of the channel up pattern before reaching the 25.80/26.00 zone. A potential decline of the price might look for support in the 50-four hour simple moving average, which has been providing both resistance and support since late October.

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