The silver price has jumped through $22/oz
(Kitco News) - Silver has enjoyed a decent price rise of 0.89% in the European and Asian sessions despite there being a public holiday in the U.K. for the Queen's Jubilee. The grey metal is now trading above the $22/oz level and could attack the resistance levels above the current price zone. The move has been one with decent momentum as the volume spike seen yesterday. This move took the price through the VPOC (marked in red) and although the price came back down subsequently broke the level again within the last 10 or so hours.
Looking closer at the hourly chart below, there is a level that trades may need to watch out for. The price is moving to a high volume node at the moment near $22.80/oz but just above that, there is a resistance zone at the purple level at $22.18/oz. If that does get breached the main resistance in this timeframe is at the high of $22.47/oz.
On the downside, there are three main levels to keep an eye on this afternoon (or the U.S. session). The first is the red-shaded VPOC area. This is the area where most contracts have changed hands and it stands at $21.86/oz. The next is a consolidation low from 20th May at $21.67/oz. This price has bounced in this zone at least 4 times on this chart alone. The last is the support just below $21.50/oz and this is the level the bears need to take out to make a lower high lower low pattern. It seems safe for now as the bulls are in charge of the market during this intra-day timeframe.