Silver remains stuck in a narrow range.


Since August, precious metals have been consolidating, and volatility has been minimal, following the very sharp uptrend in July.

On Friday, silver was flat ahead of the US session, trading at around 26.90 USD.

Still, these levels were last seen in April 2013, so silver remains at 7-year highs. 

The major support level seems to be near 26.00 USD, and this zone has been held many times already. Therefore, as long as the metal trades above this support, the medium and long-term trend still seem bullish.

However, if this support is broken to the downside, large stop-losses might be hit, which should push the price sharply lower, targeting 25 or 24 USD in the initial wave. 

On the other hand, the resistance could be at Thursday's highs of 27.55 USD, and if not held, the metal might rise toward the 28 USD level.

Fundamentally, the situation has not changed, and monetary policy remains ultra-loose, which should support precious metals and undermine the greenback heading into the Q4.
Cookie Policy: The Axiory website uses cookies and by continuing using the website you consent to this. Risk Warning: Trading leveraged products such as Forex and CFDs may not be suitable for all investors as they carry a high degree of risk to your capital. Please read the full Privacy Policy.