Resistance on top of the rising channel
Resistance was seen on a trend high of $ 34.08 on Friday prior to the withdrawal of Monday. Note that resistance was seen around the upper trend line of an increasing parallel trend channel. Because the line rises, the potential resistance around the line also increases. This means that the highlight of $ 34.08 can be caught last Friday and resistance can be seen around the upper channel line. Other possible resistance levels can be where two trendline crosses over $ 34.44, followed by the completion of an initial target for an increasing ABCD pattern at $ 34.60.
Highest weekly final race since 2012!
Silver had his highest weekly final race since November 2012 last week! It followed a new trend high from $ 34.08 for the Upswing from the Swing Low on Friday of December. This was a long -term bullish signal and shows the improvement of the underlying demand for natural gas. That is why traders and investors will watch on bullish signals during periods of weakness to take advantage of the reinforcing long -term trend. If silver ends the month in a relatively strong position, it also has the chance to determine the highest monthly final race since 2011.
Potential support for weakness on $ 32.77
Nevertheless, the resistance can still be seen around the top of the rising channel pattern, a withdrawal to test support levels before a decisive rally to new trend heights that may be sustainable. Potential support around the 20-day MA, now for $ 32.53, deserves attention. The earlier interim -swing High could also see support at $ 32.77 from two weeks ago. As long as the support remains above the recent interim Swing low $ 31.81 silver, Silver will retain a bullish prospect in the short term.
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