Due to the surge here, silver has increased by more than 3% today to above $81. This is a solid improvement from Tuesday’s low, which saw it drop just below the $72 level at that time. Price movements this week are not as volatile as we saw in late January to early February, but they are still noticeable.
For now, US-Iran tensions are supporting buying, but traders are still wary of the volatility seen earlier this month. Especially when both gold and silver are showing great strength. And as a reminder, silver was still going through a sudden bout of volatility last week, which caused a rapid price drop from $82 to $75.
Take a look at the near term charts for now:
Silver (XAG/USD) Hourly Chart
The latest rise today comes as dip buyers are removing resistance from the 200-hour moving average (blue line). This keeps the near-term bias more bullish for now as buyers attempt to set up a platform for the next bullish phase to form. But as mentioned, it’s still early days and the bigger technology picture suggests there’s still more work to be done.
Silver (XAG/USD) 4-hour chart
The past week has been a bit of a strong mood for it since the minor decline on February 12th. Silver remained mostly below $80 today before a recovery bounce.
Nevertheless, the possible developing pattern of low height, low low There is still a lot of game going on. It’s not as obvious as it felt last week but it’s still something to keep in mind.
In such a situation, to be assured of a strong rally in silver from here, the bearish buyers will have to break this hold. The key level in this example is that first range at around $86.32. If it gives way, it would provide more assurance that precious metals may be ready to move higher again.
This month, silver is still down a little more than 5% today. it’s not really He February is typically a poor seasonal month for the precious metal, especially after surges in December (+27%) and January (+19%).
