Silver Prices Surge to Multi-Week High, Traders Eye Resistance at 49.78 USD
Silver prices have surged recently, with the current rate standing at 48.58 USD/oz. This upward trend follows silver reaching a multi-week high within its recent movement.
The metal's intraday resistances are now 49.78, 52.00, and 55.00 USD/oz. However, there's room for silver to move towards the long-term relevant resistance at 49.78 USD. Silver's intraday supports are 44.19, 39.52, and 36.75 USD/oz. Currently, support is provided by the uptrend around 44.00 USD. A larger interim correction threatens only if silver falls below this level. A pullback could form in the 49.78 USD price range, where silver reached the broken long-term uptrend before consolidation set in.
Silver's recent rise has been significant, with prices reaching a multi-week high. While there's room for further growth, a pullback could occur around the 49.78 USD mark. Traders should monitor silver's movement closely, particularly around the identified support and resistance levels.
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