Silver is bouncing off the strong uptrend support 24.40Â
Silver is bouncing off the strong uptrend support marked by a horizontal support line and median line of the long-term Andrews Pitchfork channel 24.40. Based on the price action here we could see a test of the upside resistance 29.84. A confirmed break below 24.40 will lead to a deeper pullback.
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On the weekly chart, we can see that Silver is in the medium-term ascending and is still indicating a strong upside momentum so we can’t exclude the 29.40 test. Support is 24.40 and as long as the price action is above this level we could see an uptrend continuation, which will be accelerated on a confirmed break above 29.85.
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