Buyers building in Silver?
Demand has started to build from the 16.935 area.
Welcome to new week traders, looking at Silvers D1 we can see some signs a new area of demand has started to develop. This area is from 16.935 to 17.00. We’re looking at this area from a continuation point, and that buyers could resume the current uptrend.
We want to see buyers hold the 16.935 with a close showing they are not only interested but holding numbers. If they’re successful in this we would be looking for a new leg up to test the two resistance points that stopped the up leg last week.
A break lower and close below 16.935 would start to suggest sellers remain numerous and price could have some time left in its short-term correction. A new trendline test an idea if selling continued. But while this current demand remains in play we will continue to look for more signs of increasing buyer numbers.