Silver caught a bid over the last hour and managed to recover a bulk of losses made earlier today. The move was driven primarily by weakening of the US dollar but there are no specific news behind the USD move. While USD was the best performing major currency this morning, putting pressure on precious metals prices, the greenback started to lose its shine in the early afternoon. It is still among G10 top performers today but weakening allowed precious metals to catch a breath.
Taking a look at SILVER chart at 30-minute interval, we can see that price of this precious metal dropped to the $24.70 support zone this morning, where the pullback was halted. A strong recovery move over the past hour has push the price back above $25 per ounce with SILVER testing $25.05 resistance zone at press time. However, this zone may offer some strong short-term resistance as it is not only marked with previous price reactions and 50-period moving average (green line) but also by the upper limit of a local market geometry. This geometry has been respected throughout the downward impulse launched on April 14, 2023 and unless we see a break above, SILVER may be set for a pullback towards recent lows in the $24.70 area and possibly even lower - painting a new low in a current impulse.
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Source: xStation5
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