Silver Intraday: Showing Signs of Stabilizing

Market trader analysing data
On Wednesday, spot silver rebounded 0.4% after a slump earlier this week. In fact, other industrial metals were buoyed by Covid-19 vaccine breakthrough, with CME copper futures approaching a 6-year high and LME aluminum nearing a 2-year high.

From a technical point of view, there are signs for a technical rebound in silver as shown on the 1-hour chart. It has broken above a declining trend line drawn from November 24, while the relative strength index shows bullish divergence. The level at $23.10 might be considered as the nearest support, while the 1st and 2nd resistance are expected to be located at $23.75 and $24.00 respectively.

Market chart showing performance of XAG/USD. Published November 2020 by FOREX.com
Source: GAIN Capital, TradingView
 

Related tags: Commodities Silver

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