Silver price recovers some of yesterday losses today, showing that silver keeps the positive momentum alive. Cold yesterday retreated from the eight-year highs, and silver followed the move retreating from the 18 mark, down to 17.36.
Silver supported the last weeks from improved sentiment as the reopening of the economies around the globe, pointing to a rebound in physical demand for silver. Yesterday a rising number of new coronavirus infections in some U.S. states, increase investors worries that a second coronavirus wave might halt or delay the reopening process.
Silver managed to gain over 57% since the lows that hit in March amid the coronavirus panic sell-off, following the rebound in global equities.
The silver price is 1.90% higher at $17.76 as the price attempts to recover from yesterday’s sharp losses, keeping the positive momentum intact. The technical picture is bullish as long as the silver price stays above the major daily moving averages.
On the upside, immediate resistance for the silver price will be met at $17.77 the daily top. If silver breaks above, the next hurdle to watch is at $18.04 the high from yesterday’s trading session. The next resistance stands at $18.36 the high from June 2 trading session.
On the contrary, immediate support for the silver price will be met at $17.41 the daily low. Next support area stands at $17.23 the low from June 16 trading session. More bids might emerge at $16.94 the low from June 15.