Silver Facing the 20 SMA, After Bouncing Off the 100 SMA
Silver has ran into the 20 daily SMA after bouncing off the 100 SMA earlier
Safe havens have been extremely bullish this year, since the coronavirus broke out in, turning the sentiment in financial markets massively bearish. As a result, GOLD climbed above $2,000 while SILVER surged from around $11 in March to $30 in August.
During the climb, the 20 SMA (grey) was providing support on the daily chart, as the smallest indicator, with the pace of the climb being quite strong. The 20 SMA was broken on September 21, as the USD surged back up, although the decline stopped right at the 100 SMA (green) at $21.60s.
The price bounced off the 100 SMA and has been climbing higher for about two weeks. But the price has met the 20 SMA (grey) now, which is providing resistance at the moment and might as well reverse Silver lower again. The pace of the increase has been slow, suggesting that buyers are not too confident. So, we are thinking about selling Silver, but we will wait a little longer to see if we can get a reversing signal in the coming sessions.
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