Silver’s Choppy Session in Play – Traders Await a Breakout
The bullion market is on a bullish run in the wake of an increased number of coronavirus cases all over the globe, which have heightened uncertainties in the market. The safe-haven asset silver has surged to trade around 14.70, having traded in a sideways trading range of 14.70 – 14.05.
Overall, the technical and fundamentals side is supporting the bullish bias, and with this, the odds of a bullish breakout remains strong. The US Senate Democrats and Republicans finally agreed on the Trump administration-backed $2.2 trillion relief package plan and finally passed the U.S. Senate, which provided the boost to the equity market and improved the global risk sentiment first.
Besides, China’s commodity exchanges have turned out measures – from increasing margin conditions and trading limits to reducing trade ultimately to maintain market stability as the coronavirus panic holds the globe.
SILVER – Daily Technical Levels
Support Resistance
14.11 14.73
13.75 14.99
13.14 15.61
Pivot Point 14.37
Technically, the bullish breakout of 14.70 resistance may drive silver prices towards the next resistance level of 15.20. The MACD is forming histograms on the higher side, which are also supporting the bullish bias. With that said, the idea is to stay bullish above 14.05 to target 15 and 15.15.
Good luck!
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