Silver extends uptrend towards $59.90 – Société Générale
Source Fxstreet
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."
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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