Commodities
Silver Price Stuck Around $66 Amid Resistance at $70.87
The price of silver has been experiencing a bouncy opening to September, trading around $66. According to Fthegurus, the metal rose 17% in August and is currently facing resistance at $70.87.
The support test on a daily basis shows that the mid-$60 price level has been significant. Fthegurus believes that silver may retest this level before recovering towards $71 and $73.
Rashad Hajiyev suggests that another dip is possible before a better recovery, with the bullish trigger sitting around $67.30. The daily close below $63.08 would shift focus toward $60 and the broader $54, $56 area of demand.