Silver Intraday Trading Analysis: If maintained above this level Silver prices are expected to rise further

2021-10-27 07:54:12

FX168 Financial Newspaper (Hong Kong) News On Tuesday (October 26) in the early European market, spot silver fell back from intraday highs and is currently located near $24.30 / ounce. The well-known financial information website Economies.com the latest article on Tuesday to conduct a forward-looking analysis of the intraday silver trend.

According to the Economies.com, as long as it remains above $24.20 / ounce, the silver price may still rise further in the future.

Economies.com wrote in the article that silver prices are gradually moving away from $24.20/oz, which makes the bullish trend scenario valid for some time to come. On the 4-hour chart, the EMA 50 indicator supports silver prices. Waiting for silver to test the next major target of $25.05/oz.

(Spot silver 4-hour chart Source: Economies.com)

Economies.com said it is important to note that silver prices need to remain above $24.20 an ounce to extend the bullish trend. The break above $25.05/oz is a key factor in silver's further rally to the next target of $25.94/oz.

Economies.com expect silver to trade today between support at $24.10/oz and resistance at $24.85/oz.

Economies.com said the expected trend for silver prices today is bullish.

At 16:18 Hong Kong time, spot silver was quoted at $24.32/oz.

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Silver Intraday Trading Analysis: If maintained above this level Silver prices are expected to rise further

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