Silver at the US$15 threshold
Silver is currently on an exciting threshold. On the last day of May, the market reached US$14.60. Three times in the last few days the market has tried to break through the psychologically important US$15 mark but failed.
Nevertheless, the rise in the precious metal was supported by specific market breadth, not only Silver but also the important player, Gold, could increase in price.
Should Silver manage to break through the critical US$15 barrier with momentum upwards, the first significant resistance could be at US$15.16. If the market breaks through here as well, the March 2019 highs could offer further resistance for the market on its way up. If the market penetrates here too, the band of highs from late January and mid/late February 2019 could be the next, more significant hurdle for the market.
However, if the market is repelled by the US$15 barrier, the US$14.48 zone could provide initial structural support. If the price drops through here too, the structural zones at US$14.18 and US$13.90 could also offer support, but if the fall continues through US13.90, the chart picture could be completely clouded.
The MACD oscillator formed a bullish cross in early June. A breach would confirm this through the zero lines. Currently, however, the histogram shows a weak bearish tendency.
Silver Daily Chart | Source: ActivTrader
Written by Daniel Schuetz, External Analyst, ActivTrades
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