While the price of silver increased as of late, it has trailed a recovery seen on the gold market. Looking at the weekly interval, one can see a slight rebound, but it would be too soon to speak of an upward trend. At the moment the trend line marked by the two recent peaks is being tested. Nevertheless, the key resistance can be found around $15.90, where we observed a reaction of the supply-side in February 2019. A break above this level would pave the way for an extended upward move. There is a good chance of reaching this level over the next few weeks in case the upward trend on the precious metals market, especially gold, upholds. The local upward trend is also supported by the fact that the low from May is above the low from late-2018.
Source: xStation5Looking at the lower time frame - D1, the price bounced off from the local resistance level at $15.5 handle. The zone marked with red colour was drawn based on the previous price reactions and the 61.8% Fibonacci retracement level. Having said that, there is a scope for a correction movement towards the support level at $15 handle. However, the precious metal trade above the 40-period moving average, what may discourage bears from taking the stage.
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Source: xStation5Looking at the H4 time frame, we may consider making use of the market geometry. Note that if the ongoing pullback was to match in size the previous biggest correction, it would be halted at the support zone drawn on the D1 interval. A break below the $15 handle could herald a trend reversal. However, as long as SILVER price stays above it, the trend is upward.
Source: xStation5"Este informe se proporciona sólo con fines de información general y con fines educativos. Cualquier opinión, análisis, precio u otro contenido no constituyen asesoramiento de inversión o recomendación en entendimiento de la ley de Belice. El rendimiento en el pasado no indica necesariamente los resultados futuros, y cualquier persona que actúe sobre esta información lo hace bajo su propio riesgo. XTB no aceptará responsabilidad por ninguna pérdida o daño, incluida, sin limitación, cualquier pérdida de beneficio, que pueda surgir directa o indirectamente del uso o la confianza de dicha información. Los contratos por diferencias (""CFDs"") son productos con apalancamiento y acarrean un alto nivel de riesgo. Asegúrese de comprender los riesgos asociados. "
