Make Kitco Your Homepage

News Bites

Silver trades higher but there are some hurdles

Rajan Dhall

Kitco News

Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here!

(Kitco News) - Silver is trading half a percent higher on Tuesday leading into the U.S. open. Precious metals have had a good start to the session even as the U.S. dollar has moved back to flat after trading lower overnight. The price of the grey metal is currently $21.27/oz after the price rejected the psychological $21/oz area overnight.

The 4-hour chart below, shows the grey trendline being used as support as the price made a small retracement wave lower. The key short-term resistance is now at the previous wave high of $21.53/oz as any break of this could take the price towards the next resistance (in orange) and then the consolidation high at $22.56/oz.

On the downside, there are three key levels on this chart. The first is the aforementioned grey trendline. Beyond that, there is the previous wave low at $20.54/oz and then the consolidation ow at $20.42/oz. Volumes are light at the moment but it would be fair to assume that could pick up in the U.S. session and a move higher toward resistance zones if the momentum builds. 

By Rajan Dhall

For Kitco News

Contact rdhall@kitco.com
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.