Commodities
Silver Price Consolidates Amidst Strong Buying Interest
The silver price is consolidating in an upward trend from a range after a few days of sideways action. The buyers have been pushing the price higher off the bottom of the range recently, with the current chart showing that silver is trading below the resistance level at $68.92.
The primary resistance level remains at 69.80-70.00, identified on the 15-minute chart as the London high and active resistance. This area is a key zone for the price to break through in order to continue its upward setup.
Additionally, there are several support levels that could be tested if the price continues to move lower. The $68.40 level is a nearby support level that is identified on the chart and has been a previous reaction point for silver.