Monday, June 17, 2024

Silver trading alert: Silver prices are expected to rise another 2%, looking at $23.70

Huitong Finance APP News – At the end of the Asian market on Wednesday (September 20), spot silver suddenly rose rapidly in the short term, and the current silver price has exceeded US$23.20 per ounce. Analysts conduct forward-looking analysis of silver trends during the day.

The U.S. dollar index fell back in the short term and once fell to 105.10. A weaker U.S. dollar is good for silver prices.

Silver trading

Silver prices had been trading lower and were close to testing key support at $23.00 an ounce. Notably, the stochastic hit oversold territory, which supports expectations that silver prices will resume a bullish trend in the coming period. Our next major target for silver prices is $23.70 per ounce.

If the price of silver falls below $23.00 per ounce, this will halt the expected upward trend and push the outlook for silver prices to turn bearish and first towards the $22.25 per ounce area. Silver prices today will trade between the support level of $22.90 per ounce and the resistance level of $23.60 per ounce. The expected trend for silver prices today is bullish.

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