📈Silver is today the strongest metal in the commodity market and is testing a key point of resistance
The silver market is gaining more and more attention as the price of gold rose back to around $ 1,800 an ounce. Interestingly, precious metals gained, even despite the specter of higher interest rates and inflation signals. This, however, did not lead to an increase in bond yields.
Silver is currently testing resistance around $ 26.75 an ounce. This is where the neckline of the head and shoulders formation is located, which, due to the fact that it is in a consolidation, is a potential signal of continuation of the uptrend. In the event of a neckline breakout, the pattern range points to nearly $30 per ounce, i.e. where the local highs from August 2020 and February 2021 are located. Interestingly, the seasonality suggests stronger increases in the next week of May. The market expects that the physical demand for silver from ETFs may rebound in the near future. Silver may experience more volatility during tomorrow's NFP release at 1:30 PM BST.
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Silver tests the neckline of the head-to-shoulder formation. Source: xStation5
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