Commodities
Silver Uptrend Depends on Breakout Past $68.17
The silver market has been experiencing an uptrend, with several key levels to watch for direction. A trade through $71.18, the main top from August 28, would reaffirm the uptrend, while taking out the June 17 main top at $71.56 would indicate a strengthening trend.
The next areas to watch are $77.01 and $78.83, according to swing chart analysis, which points to these levels from June 2 and May 25, respectively.
The short-term range for silver is between $63.31 and $71.18, with spot silver currently trading inside its retracement zone at $67.25 to $68.17. The reaction to this zone will likely determine the direction of the market today.