The Silver price slips below the triple bottom in intraday but manages to close at the day’s high end of the day. Though the price slips below the support 15.80, we still call it as a triple bottom.
Gold source reported, speculators overweight the silver net-long position, for the first time in five weeks.
Support: 15.80, 15.50 and 15.20-15.00
Resistance: 16.40, 16.70 and 17.00
The daily RSI spotted with a positive divergence. In case of rebound, the price might retrace to 16.30-16.60 initially.
The bulls fell comfortable only if the price settles above 16.25$.