Welcome to Extreme Investor Network, where we provide unique insights and valuable information on the stock market, trading, and Wall Street. Today, we are taking a closer look at the current state of silver prices and potential support and resistance levels to watch for.
Today’s low of 28.75 in silver retests a key support zone that extends down to the most recent swing low of 28.57. This support zone is crucial as it could indicate a bullish reversal if the price does not fall below 28.57 and stay there. However, if silver fails to hold above this level, it may be at risk of a larger bearish correction from the May trend high of 32.52.
One concerning factor is the lower swing high of 31.76 on June 11, which is lower than the May high. This sets up a potential ABCD correction pattern with an initial target at 27.81 and extended targets at 26.74 and 25.37. Additional price zones to watch for support include the 50% retracement at 27.23, the 61.8% Fibonacci retracement at 25.98, and a potential support zone ranging from 26.14 to 25.75 based on prior price structure and the 200-Day MA at 25.75.
If silver bounces from current support, a rally above today’s high of 29.43 would signal strength and likely lead to a test of resistance around the 20-Day and 50-Day moving averages at 30.10 and 30.21, respectively. Keep an eye on these levels for potential trading opportunities.
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