Silver Spot Intraday: Watch Key Support at $24.00
Ming Lam August 3, 2020 9:57 AM
Intraday, Silver Spot keeps riding on a bullish trend line drawn from July 30...
Last Friday, the University of Michigan Consumer Sentiment Index (final reading) slipped to 72.5 in July, back near the coronavirus pandemic low.
At the weekend, top Democrats in Congress and the White House said they are not close to a deal concerning a new economic stimulus bill.
Therefore, economic uncertainties persist.
Meanwhile, the U.S. dollar has shown signs of a technical rebound.
So, how about Silver, which has even out-performed Gold recently?
On an Intraday 30-minute Chart, Silver Spot keeps riding on a bullish trend line drawn from July 30.
Source: GAIN Capital, TradingView
Though it is off a Recent High of $24.97 an ounce, it has managed to keep the Key Support Level of $24.00.
Unless this Key Level of $24.00 is breached, Silver is expected to revisit the high it recently touched.
However, in the opposite case of breaking below $24.00, the intraday bias will turn bearish, and Silver could only find support at $23.54 (a previous key resistance).
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