Silver Price Analysis: Spot silver prices spiked nearly 60 cents from under $22.90 to near $23.50 (more than two-month highs) in recent trade in wake of a much weaker than expected January New York Fed Manufacturing survey.
Silver have initially tried to rally during the session today but gave back gains to form a bit of a shooting star. At this point, it looks like we are starting to run out of steam, so I would anticipate a move back down towards the $22.50 or so.
Silver price has recently made another attempt to settle above the resistance at $22.60 while U.S. Dollar was mostly flat against a broad basket of currencies. Meanwhile, iShares Silver Trust ETF moved closer to the 20 EMA at $20.95.
Silver price is currently trying to settle back above the resistance at $22.30 while U.S. dollar is moving higher against a broad basket of currencies. Meanwhile, iShares Silver Trust is trying to settle back above $20.70.
Spot silver price saw a pickup in volatility today, after a bout of technical selling sent it to its lowest level since early October under $22.00. Spot prices had been supported by an uptrend over the course of the last week and when that short-term uptrend was broken on Thursday, selling pressure increased.
Silver price faced resistance near $22.60 and moved back below the support level at $22.30 while U.S. dollar was mostly flat against a broad basket of currencies. Meanwhile, iShares Silver Trust made an attempt to settle below $20.50.
Silver Price Analysis: Silver witnessed some selling on Friday and dropped to over one-week lows during the early part of the European session. The white metal now seems to have found acceptance below the $24.00 mark and was last seen trading with intraday losses or nearly 0.70%.
Silver Price Analysis: Silver Price makes several attempts to move higher but fails to hold onto the upside momentum. Prices move in a very narrow trading band with no meaningful traction. At the time of writing, silver price is trading at $26.03, down 0.18% for the day.