FXStreet: silver gains safety margin at the level of 22,6

08 December 2022 185
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Source: FXStreet

Author: Sagar Dua

Article: Original article

Publication date: Thursday, December 8, 2022

The silver price is demonstrating a sideways movement around the nearest hurdle at 22.60. The precious metal has stabilized after correction from the critical resistance level at 22.80. The market is quiet as investors are waiting for a trigger to create another impetus.

On an hourly scale, the silver price showed convincing recovery after testing horizontal support at the level of 22.25, which is the November 15 high. The white metal is testing the 20-period EMA at 22.60 after a recovery. Meanwhile, the 200-EMA at 22.20 is tending upwards, which signals a long-term bullish trend.

If the silver price goes above the Friday high of 22.82, the bulls will push the asset to the round-level resistance at 23.00, and then to the Monday high at 23.52.

On the other side, the price of silver will rapidly fall if it surrenders the 200-EMA at 22.20. In this case, the asset will go to the November 24 high at 21.67. A break of the support level at 21.67 will lead to further decline of the asset towards the November 28 low at around 21.00.

Forecast: silver is about to continue increasing

This content is for informational purposes only and is not intended to be investing advice.

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