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GoldOpinionSilverTechnical Analysis
Silver surges 3% – Precious metals bull market momentum is back?
Silver is gaining more than 3% and approaching the $80 per ounce level. Since the local low near $62 per ounce, the price has already climbed more than 25%, supported by a weaker US dollar, falling Treasury yields, and solid global industrial data. Silver is also breaking above the EMA50 (orange line) for the first time since April 17.
Source: xStation5 Looking at silver on the hourly timeframe, the chart shows a triangle formation, where the base scenario points toward an upside breakout. Such a move may already be unfolding, although the $80 area could still act as an important resistance zone, similarly to the $82–83 range, where the latest local peak is located.
Source: xStation5
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