Silver consolidating above 15 USD


The price of silver has been moving sideways after the early May's rally, and it looks like silver is consolidating before another leg higher.

It was trading somewhat stronger on Wednesday during the Frankfurt session, seen at around 15.50 USD.

The first intraday support seems to be at around 15.40 USD, and it could be tested today. If this level is taken out, silver can decline to 15.30 USD, or possibly toward the 15.10 USD. The psychological level of 15 USD should also offer some buying support, and as long as the metal remains above this level, the medium-term outlook seems bullish. 

Technically speaking, the key area for bulls is in the 14.60 - 14.70 USD, and they need to defend it at all costs for silver to remain attractive.

Alternatively, the resistance appears at this week's highs of 15.60 USD, and if broken to the upside, the price could accelerate toward the swing highs near 15.80 USD.

Metals could be bid over the next weeks, months, and quarters as monetary policy is exceptionally loose, and central banks are printing money at an unprecedented pace. 
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