03.07.2020 Silver Daily Analysis

03.07.2020 Silver Daily Analysis

The silver market has been noisy on Thursday as we awaited the jobs figure, but it looks as if the $18 level is going to continue to offer potential support. Silver failed to settle above $18.50 and declined below $18.00. Importantly, silver did not found material support at $18.00 which has previously served as a resistance level. Currently, silver is trading in the range between the support at $17.50 and the resistance near $18.50. In addition to the support level at $17.50, silver may also get some support at the 20 EMA at $17.70. A move below $17.50 will likely lead to a rapid sell-off since it is highly likely that many traders have put their protective stops below this important level. On the upside, silver will have to get above the resistance near $18.50 to continue the current upside trend and head towards the test of the major resistance level at $19.00.