It was only recently that silver broke an all-time high, reaching as high as $34.95 an ounce. Silver then saw a modest bearish correction and fell towards the $34.00 level. However today, after the U.S. NonFarm Employment Change release, silver began climbing once again, and has reached a new all-time high of $35.29 an ounce. In addition, as technical analysis signals, silver’s bullish trend is likely to proceed.
• The chart below is the spot-silver 4-hour chart by ForexYard.
• It can be seen that despite occasional bearish corrections, silver is seeing a bullish trend for about a month now.
• Silver recently underwent a mild technical correction, which took it as low as $34.00 an ounce.
• However, after today’s positive U.S. employment data, silver began jumping once again, reaching as high as the $35.29 level.
• Currently, a bullish cross of the Slow Stochastic suggests that the bullish move has more steam in it.
• In addition, the RSI continues to point upwards, further indicating that the bullish move is likely to proceed.
• The next support levels are located at the $35.50, $5.80 and $35.80 levels.
• The next support levels are at: $34.70, $34.40 and $34.00.
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Yan Petters is a top analyst of market trends who specializes in the forex market. Yan has a reputation for composing highly accurate analytical reports, both technical and fundamental. Yan Petters' ground-breaking perspectives on currency trends are highly valued by his colleagues and clients and has been a featured author on a number of influential trading sites. Yan Petters is an author for the ForexYard blog
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