Silver held inside Tuesday's trading range for a fifth straight session, with buyers again defending support near 6775/6750 and price capped below resistance at 6980/6990. The pattern points to low volatility and repeated reversals rather than a breakout in either direction.
Silver consolidated sideways for a fifth day, still holding inside Tuesday's range. Buyers stepping in near the 6775/6750 support zone worked again, with the session low printing at 6765 before price cleared targets at 6825, 6860 and 6890 and reached as far as 6930/6940 for profit-taking.
The day's high printed at 6969, capturing most of the range. Today's setup calls for stops below 6735 on a retest of the 6775/6750 support. A break lower would open a buying opportunity at 6655/6640, an area seen as a likely low for the day, with stops placed below 6610. Should the range hold, longs at 6775/6750 can again retarget 6825 and 6860, then 6890 and perhaps as far as 6930/6940.
Silver is likely to stay in a sideways range for a while longer, which points to continued low volatility and repeated price reversals, so the analysis advises against holding positions too long and taking profits quickly. Further gains could retest resistance at the 6980/6990 highs, and a break above 7000 would serve as a buy signal targeting 7110/7130.
Source: Commodities Analysis & Opinion
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