Is silver getting ready for a big move?

19/06/2020

The price of silver has been consolidating since late May, and it has moved sideways most of the time. On Friday, the precious metal was seen 1% higher in the morning EU session, trading at around 17.50 USD.

Traders kept silver above the 200-day moving average, which is currently near 16.90 USD (the exponential moving average is near 16.50 USD

The intraday resistance seems to be at around 17.60 USD, and if the price jumps above this level, the short-term bullish outlook could be confirmed. The significant resistance is at the current cycle highs of 18.20 USD, and if bulls push the price beyond this zone, the long-term uptrend could push the price toward the psychological 20 USD.

Alternatively, the support seems to be near 17.30 USD, and if not held, silver could decline toward 17.00 USD, where it stopped this week. 

The ultra-loose monetary policy of central banks should have an anti-greenback effect, which in turn should be bullish for precious metals such as gold or silver. Moreover, should the economic situation improve, silver could be supported as well, due to its industrial use. 
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