Silver Rallies Amid Increased Speculative Activity
Silver got a boost from increased speculative activity in shares of silver miners. Currently, silver is trying to settle above the resistance at $27.20. If this attempt is successful, silver will get to another test of the resistance level at $27.50. If silver gets above this level, it will head towards the next resistance at $27.75.
On the support side, the nearest support level for silver is located at $27.00. A move below this level will push silver towards the support at $26.70. If silver declines below this level, it will head towards the next support at $26.30.
It should be noted that while RSI is in the moderate territory, the risks of a near-term pullback are significant as the current rally is inspired by speculative activity of retail traders on the stock market while gold markets have not supported the rally in silver markets.
On the support side, the nearest support level for silver is located at $27.00. A move below this level will push silver towards the support at $26.70. If silver declines below this level, it will head towards the next support at $26.30.
It should be noted that while RSI is in the moderate territory, the risks of a near-term pullback are significant as the current rally is inspired by speculative activity of retail traders on the stock market while gold markets have not supported the rally in silver markets.