Silver consolidation continues ahead of potential breakout
Silver is currently in a bullish consolidation phase, which should not be mistaken for a sign of weakness. Despite the recent strengthening of the US dollar, silver’s long-term bullish trend remains intact.
Silver was testing support around $29.50 at the time of writing after a sharp drop on Friday. But this volatility is all inside a bullish continuation pattern. Key support lies around $28.70, and for as long as we hold above this level, the path of least resistance remains to the upside.
Given silver's struggles to maintain above $30, it may be wise to await confirmation on lower time frames before potentially trading the metal on the long side.
Key upcoming events include the French parliamentary elections on June 30, and significant US economic data releases, such as the May core PCE inflation on Friday, followed by the June non-farm jobs report and the month's CPI report in the following two weeks. These events could impact the dollar and, consequently, silver prices.
By Fawad Razaqzada, market analyst at FOREX.com
Silver was testing support around $29.50 at the time of writing after a sharp drop on Friday. But this volatility is all inside a bullish continuation pattern. Key support lies around $28.70, and for as long as we hold above this level, the path of least resistance remains to the upside.
Given silver's struggles to maintain above $30, it may be wise to await confirmation on lower time frames before potentially trading the metal on the long side.
Key upcoming events include the French parliamentary elections on June 30, and significant US economic data releases, such as the May core PCE inflation on Friday, followed by the June non-farm jobs report and the month's CPI report in the following two weeks. These events could impact the dollar and, consequently, silver prices.
By Fawad Razaqzada, market analyst at FOREX.com
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