Silver contract prices began to recover again, trading at $ 25.7 an ounce.
In December, world prices for precious metals are quite stable and fully reflect the behavior of investors in the markets. In this regard, it is quite convenient to track the future possible movement of an asset by comparing it with the quotes of the VIX volatility index.
Historically, as the VIX rises, tensions rise in the markets, and investors are starting to actively move into the assets of the metal group, using them as defensive ones. The VIX has been declining since last Friday, but yesterday there was a major reversal, and the index rose sharply from 22.37 points to the current 23.31 points. Accordingly, in the near future, the strengthening of silver quotes will not be long in coming, especially since the long weekend is coming.
Support and resistance levels
On the local chart of the asset, the price moves within the local ascending channel. Inside it, the instrument has reached the support line and is forming a reversal. Fast EMAs on the Alligator indicator crossed the signal one from the bottom up, and the AO oscillator histogram is in the sell zone, but very close to the transition level.
Resistance levels: 26.10, 27.40
Support levels: 25.10, 23.60
Market forecasts, analytics and stock news