Gold took a hit following the FOMC meeting last week and hawkish comments from Bullard. Other precious metals, like silver, were also impacted. Silver price dropped to the support zone at $26.00 where declines were halted. Note that the aforementioned price zone is additionally strengthened by the 200-session moving average (purple line). Technical landscape for potential recovery looks favourable and given that Fed speakers sounded much more cautious and dovish this week, silver may be readying to move higher. In such a scenario, the key resistance zone to watch can be found at $28.00 per ounce. On the other hand, should we see a break below the zone at $26.00, the next target for sellers may be $24.75 swing level.
Source: xStation5
