Silver likely to rise from support zone
Silver has been trading in a higher top higher bottom formation suggesting the trend to be positive in the medium term; higher timeframe charts confirm our bullish view on silver. Further it stands at the 50% retracement level of the rise experienced from 30th November 2020 to 1st February 2021 indicating support below current levels. It would be prudent to say that Silver could rise towards $27.25 and $28.00 while it sustains above $25.75.
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Risk Disclaimer:
Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.
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