Silver price trades higher for the seventh consecutive trading session as the rebound from recent lows is intact as global markets recover from recent lows. The relief package that announced by the U.S. administration improved investors sentiment while the central banks’ intervention eases liquidity concerns.
The fast spread of the coronavirus has increased global uncertainty forcing investors to seek the safety of cash and liquidate even gold and silver positions. The coronavirus confirmed cases today top 472,000 worldwide. With the fast spread in the virus, more and more countries are imposing travel and other restrictions dampening economic activity severely.
The silver price is 0.94% higher at $14.45, making fresh two week highs as investors returned for some bottom fishing as the valuations have dropped to the lowest level since 2016. The recent rebound has improved the short term picture, but the long term technical outlook is bearish for silver, and lower levels can’t be ruled out.
On the upside, first resistance for the silver price will be met at $14.59 the daily top. If silver price breaks above, the next resistance to watch is at $15.05 the high from March 16. The next hurdle stands at $15.85 the high from March 13th trading session.
On the other hand, initial support for the silver price will be met at $14.23 the daily low. Next support zone stands at $13.95 the low from March 25 session. More bids might emerge at $13.16 the low from March 24.