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Silver price technical analysis

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(Kitco News) - Silver has been consolidating in recent sessions and there has a triangle type formation converging at the moment. The break of the purple structure below could help indicate the future trajectory of the metal. The 4-hour chart below also highlights some of the other key intraday levels to watch.

If the price does break through the top of the patter the resistance level at $27.74/oz is next up. This level has been used on three occasions recently and could be firm once again. Beyond that there consolidation low of the next distribution up is at $27.18/oz and then the high volume node (HVN) is holding at $27.84/oz.

On the downside, the price is not too far away from the volume point of control at $25.87/oz. This has been an extremely sticky-price zone and beyond that, the next support is at the consolidation low at $25.57/oz. Overall, it is clear that the trend is sideways for now there needs to be a conclusive break of the levels mentioned to shake things up.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.