Silver is moving in a similar fashion as Gold. Both of the precious metals are stuck with their ranges. Silver has been trading between 14.225 and 14.800 levels since the end of September. The fact that the commodity has not dropped below its September low at 13.930 makes us believe that the bulls are still not willing to give up without a fight. That said, as long as Silver remains within the aforementioned range, we will stand aside and continue monitoring it carefully, waiting for the right signal.
A break above the upper side of the range could be that confirmation that we are waiting for to start examining higher levels like the psychological 15.000 zone, marked by the high of 28th of August. If that resistance will be no match for the bulls, then we could see them pushing Silver further up, towards the next potential area at around 15.230, marked by the lows of the 20th of July and the 3rd of August. If the buying doesn’t stop there, the bulls could take out the 15.230 level easily and lead the white metal to the high of the 9th of August, near the 15.500 hurdle.
Alternatively, if the lower side of the aforementioned range gets violated, this could be a good sign that the bulls are getting weaker. Such a move could open the way lower to test the 13.930, marked by the lowest point of September. This is where the price could stall for a bit until the bulls and the bears figure out who takes control from there. If the bears remain in power, a further decline could force Silver to test the 13.650 barrier, which was the lowest point of 2015.
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