Silver trades below 19.00

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


Since the last review of the price of silver in May, the commodity price has passed below the 2019 high level zone and the 19.00 level. Moreover, it has been spotted that since March 2022 the metal has been declining in a broad channel down pattern.

In regards to the near term future, note that throughout 2019 and 2020 the round price levels impacted the rate. Namely, the 18.00, 17.00 and 16.00 levels acted as support and resistance. These levels could act as support, as the commodity price declines in the borders of the channel down pattern.

On the other hand, any potential recovery of the price is expected to encounter resistance in the 19.00/19.50 zone and the 50-day simple moving average. Higher above, the upper trend line of the channel might stop an attempted recovery.
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Tue, 30 Aug 2022 09:57:33 GMT

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