Silver needs to break this level to confirm a bullish sign
(Kitco News) - Silver has in a bit of a consolidation phase on the 4-hour chartbelow. The price has now been stuck just below the red shaded resistance areafor around 25 days. If the bulls are to get a hold of this market then theresistance they need to break is at the previous wave high near$23.22/oz.
Volume has been on the light side since the poor NFP result lastFriday. It was interesting that the spike higher could not be sustained and theprice moved straight back into the lower distribution area. The price is nowholding at the mean value area of that distribution at $22.64/oz and asustained move below could take the price to the next support at $22.41/oz.
All in all the price is still technically trending lower. For this to change ahigher high and higher low needs to be established. The only way that is goingto happen is if the $22.96/oz resistance is firmly broken.
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