The 50-day moving average at $63.90 is the short-term resistance and trend indicator. The 200-day moving average at $73.13 is the long-term resistance and trend indicator. Silver remains below both.
The reversal does not establish a new bottom or change the swing-chart structure.
What to Watch
Wednesday is the confirmation test for the reversal, and the PCE reports land the same day. Payrolls comes after that. Tuesday’s buyers need company, and they have to prove themselves quickly.
Sellers took silver to $60.30, and buyers had it back over $60.84 late Tuesday. That’s the level they have to keep on Wednesday. Tuesday’s high at $61.45 is the first price buyers have to take out Wednesday. After that, they have to deal with $62.98 and then the 50-day moving average.
More Information in our Economic Calendar.