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The silver price is close to a strong intraday support

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(Kitco News) - Silver has suffered some losses in recent sessions as most of the precious metal retrace from the highs. The most recent resistance has been hit at $25.84/oz subsequently the price has fallen around 4.5% to trade near $24.65/oz today. Looking at the price action it does seem the bears are in control in the short term but there is a decent support level very close by.

Looking at the 4-hour chart below the green shaded area at $24.50/oz has been tested five times on the chart below alone. This makes it a pretty strong area and if the bears can take the price below it could be significant. The next support below that is at the volume point of control from the volume profile indicator. This is represented by the red horizontal line at $23.77/oz just below the $24/oz psychological area.

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On the topside, the next high-volume node is at the $25/oz area. The next prominent resistance is the red downward sloping trendline. It would be a good level for the bulls to break as it could indicate higher levels are on the cards. Away from this, the orange resistance has been used a couple of times too. If that breaks it would make a new higher high wave and the high on the chart could be vulnerable for a test.

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.