Make Kitco Your Homepage

News Bites

Silver is heading to trade at a two year low

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 breaking down in the European session and is currently 1.53% in the red. To demonstrate the next support levels the weekly chart had to be used as there were none close by on the daily timeframe. This is currently the lowest level the silver price has traded since 21st July 2020. 

Looking at the weekly chart below, the green zone has been conclusively broken to the downside. The next meaningful support is at the orange line at $19.75/oz. This is the wave high from 3rd September 2019. However, there is the $20/oz psychological support zone in the way and the price could stall there first. 

On the volume profile indicator, the main volume point of control is at the $17/oz area. There is a distribution high volume node at $17.97/oz and $9.75/oz. All in all, the price is in a heavy downtrend, and supports should be taken note of. 

 

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.