Since Wednesday last week, Silver has been on a steep uprise, but now found good resistance near the 14.465 and got stalled slightly below that. Looking at the 4-hour chart, the commodity is balancing around the 200 EMA, but this could be temporary, as the upside momentum is still in play. For now, we will continue aiming higher, at least for the short run.
A strong push above the 14.465 barrier could invite more buyers to the table and Silver may be on the path towards the next potential area of resistance at 14.585, marked near the high of the 8th of November and near the low of the 5th of November. If the price doesn’t stop accelerating further, the precious metal could get lifted to the next possible resistance zone at 14.705, which held the price down on the 6th and the 7th of November.
Alternatively, a drop below the 14.330 hurdle, marked near today’s low, could raise concerns of the bulls remaining in the driver’s seat. If Silver continues to slide from there, hits 14.225 obstacle and eventually breaks it, this could be a warning sign that the buyers could be abandoning the commodity in favour of the sellers. Such actions could lead the white metal towards the 14.100 level, which held the price from dropping lower on the 15th of November.
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