Silver price technical analysis
(Kitco News) - Silver is trading another 0.73% higher on Wednesday and it is clear from the 4-hour chart below that the market is on a good run. The price has been making higher highs and higher lows and has pushed away from the recent mean value areas to extend higher.
Looking closer at the technicals the price is now struggling at the $25/oz psychological area. The most recent highs the bulls are looking to target is at $30.35/oz and as you can see this is still some way off. The upside levels are the main areas in focus and the orange zone just above $26/oz is a prominent resistance zone. On the daily chart (not shown) there are multiple rejections at that area.
On the downside, the black support area has already proven its worth in recent times. If this level is broken on the downside the red horizontal volume point of control is another area that should be watched closely. Another point for the bears to keep an eye on is the grey trendline support and if tested could be the third touch. All in all, the upside levels are in focus and the previous wave high $25.4/oz is the one to watch before a test of the next aforementioned orange resistance ($26.08/oz)
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