Silver price technical analysis
(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.