SILVER PRICE ANALYSIS: SILVER BOUNCES OFF SUPPORT AND APPROACHES CLUSTER OF MAS
- Silver has bounced off key support and risen up towards the cluster of the 50 and 100-period SMA.
- The overall short-term trend remains bearish, however, with a risk the precious metal could roll over at any time.
- Silver is in a falling channel, but the upper boundary has been briefly breached increasing the risk it could break again.
Silver (XAG/USD) has bounced off key support at the June 13 low, and is currently trading up towards the 50 and 100-period Simple Moving Averages (SMA).
Despite the bounce, the precious metal is in a falling channel formation and the short-term trend is still, on balance, bearish. This suggests the odds favor bearish bets and a continuation lower once the recovery runs out of steam and rolls over. However, there are no signs yet that this is happening.
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