Silver continues its rally, approaching the upper band of a multi-month ascending channel near $59.60/59.90, after breaking out of a brief consolidation, Société Générale’s FX analysts note.
Support at $56 key for short-term stability
“Silver defended the 50-DMA last month and gave a break beyond the upper limit of a brief consolidation resulting in extension of uptrend. It is now close to a multi-month ascending channel band near $59.60/59.90.”
“The move is a bit stretched however signals of a meaningful pullback are not yet visible. The low achieved earlier this week at $56 is first support. If this is breached, there could be a risk of a short-term decline.”
Source: https://www.fxstreet.com/news/silver-extends-uptrend-towards-5990-societe-generale-202512031040
