Silver –  Slowly Inching Higher

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With the COVID-19 having slowed down manufacturing activities worldwide, demand for silver is down.

Currently, prices are moving higher after last week’s massive sell-off. The metal is about to test the descending resistance (dotted blue trendline) and even propel to fresh highs upon a successful breakout.

Price carries the potential to test the $16.20-40 region. A further break higher would expose the mid to higher $18.00 levels (black descending trendline).

The 4-chart below shows the current price action.

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Contrary to the daily chart, we have a smaller channel here with the top coming just under the $16.00 area. The 4-hour support lies near the 14.50 area.

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