Silver pushes higher to break $20/oz once again
(Kitco News) - Silver has had a decent European session and is trading 1.94% higher on the day. In recent sessions, the price has not matched the price increases of gold as the geopolitical tensions between the U.S. and China have spurred the yellow metal. Back to silver and the price increase has taken the grey metal through the $19.36/oz resistance and the $20/oz psychological level.
Looking at the 4-hour futures chart below the price is heading towards the next resistance zone at $20.54/oz. If that is the case then the next strong resistance is at the high volume node from the distribution above at $21.50/oz. On the downside, the aforementioned support at the purple horizontal line could support the price again.
Looking ahead to the rest of the session, if the bullish price action continues then the $21/oz area could be tested followed by the blue shaded zone. Lastly, the volume is looking thin so an increase in market participation could confirm the backing of any move.