The silver price stalls again just ahead of $26/oz
(Kitco News) - Silver has stalled again just ahead of 26/oz. This is now the second time from a technical perspective there is a small support zone at $25.75/oz close to where the price is now but the higher level is at the red line on the chart which is the volume point of control. Later in the session, when the U.S. traders come to market there is every chance the resistance could be taken out but at the moment in Easter type trade (in Europe), the volume has been thin.
The recent move on the 4-hour futures chart below can still be seen as a positive trend. The price has been making higher highs and higher lows since 6th April and this could just be a short-term rejection before a trend continuation. The fact is that $26.16/oz has been a formidable resistance and if the bulls are to attack the high on the chart of $26.94/oz there needs to be a break with some volume.
|U.K. investment firm Ruffer increases its gold exposure|