Silver Trading Analysis: Silver Prices Still Have Nearly 2% Rising Space
At the end of the Asian market on Monday (October 16), spot silver fell back mildly after soaring in the previous trading day, and the silver price is currently around $22.50/ounce. This article provides a forward-looking analysis of the intraday silver trend.
The silver price has surpassed the bullish target of $22.25 per ounce, opening up room for further increases in the silver price outlook.
On Friday, spot silver closed up 4% at $20.70 an ounce.
The silver price successfully broke through $22.25/oz, confirming that the bullish trend will continue to dominate, and the path for the silver price to rise to the new bullish target of $23.00/oz has been opened. The silver price has previously completed the construction of the bullish technical pattern. Once it breaks through $23.00/oz, the next target will look at the $23.70/oz area.
(Spot silver 4-hour chart)
Therefore, the bullish trend will remain in effect for some time to come. It should be noted that if the price of silver falls below $22.25/oz, this will stop the expected rise and put the price under bearish pressure during the day.
It is expected that today's silver price will trade between the support level of $22.40/ounce and the resistance level of $23.10/ounce.
The expected trend for silver prices today is bullish.
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Disclaimer: The content of this article does not represent the views of the Institute of Foreign Exchange. The content is for reference only and does not constitute investment advice. Investors operate accordingly at their own risk.