silver was traded lower yesterday and today after reaching and confirming support at 23.00. The metal remains above the previous downside resistance line from the June high and now, after yesterday’s rebound, we can draw a new short-term uptrend line from the September 29th low. From this perspective, the short-term trend remains positive.

Traders believe that buyers will remain interested and may soon re-challenge the 24.87 zones marked as resistance by the September 3rd high and slightly above the October 22nd high. A break to the upside would confirm an impending higher high and could open the way to the 226.60 high. If neither area is able to stop the advance, then a break could see higher scope for extensions up to the peak on June 11, 28:24 p.m.

To begin the investigation bearish In this case, traders want to see a drop below 22.00. Not only will this confirm silver’s return below the two diagonal lines mentioned above, but it will also confirm an impending lower low on the weekly chart. The bears could then be encouraged to push the fight down to the 19.48 area, marked by the inner momentum, the break of which could allow an extension towards the lows at around 18.42.

If we look at our daily oscillators, we can see that the RSI bounced off its 50 lines while the MACD although below its trip line, shows signs of bottoming within its positive range. Both indicators suggest that the white metal is gaining traction again, which speaks for further buying in the near future.

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