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Silver pushes higher to break $20/oz once again

Kitco Media
By Rajan Dhall
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(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.

Kitco Media

Rajan Dhall

Rajan Dhall is a financial analyst that has been in the trading industry since 2009. From working in Canary Wharf (London) as a head trader to becoming a journalist on a real-time news desk, Rajan has worked his way through many positions in the financial sector. The main area of Raj's expertise lies in technical and statistical analysis. Rajan currently lectures technical analysis with the Society of Technical Analysts (STA) at the London School of Economics. One of the main areas Rajan has based his analysis on is probability. Raj completed his certification (probability) with Harvard and regularly uses probability theories in his analysis as he feels it helps him add value to his clients and customers.

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