Silver stays range-bound above $75 support
Silver upside remains capped by resistance around $76.60 per ounce. After testing this level, the metal came under pressure again and retreated toward support near the psychological $75.00 mark.
At present, recovery attempts are being limited by the $76.00-$76.20 resistance zone, where selling pressure is re-emerging. Against this backdrop, bears are once again trying to break below current support.
As long as silver prices stay above $75.00, the chances of a move above $76.20 and toward $76.60 remain fairly strong.
However, a loss of support could push prices lower toward the $74.20-$73.60 per ounce area.
In the near term, range-bound trading is likely to persist until the market gets a catalyst to break out of the current range.
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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