Silver Technical Analysis before the US open
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(Kitco News) - Silver has been pushing higher in the EU session leading into the US open but there are some key resistance zones to be aware of.
First of all, if you notice the volume profile indicator on the right-hand side of the chart the price is right at the value area. This is the point where most contracts have been traded and it can be a sticky point.
Elsewhere it is positive that the price has broken the red trendline to the upside but the candle has not yet closed on the 4-hour chart. Other than that it the next resistance is up at the previous wave high of $23.12 per ounce.
On the downside, the previous wave low at $23.65 is the next major support and then the major consolidation low at $22.62. Although it does seem the bulls are in firm control of this market today.
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