Silver testing steep uptrend line

By Peter Bukov|

Published: May 28 2021, 14:04 GMT+0

Silver testing steep uptrend line

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The USD caught a bid on Friday, and the EURUSD pair was down half a percent, dragging down silver and gold.

Ahead of the US session, silver was more than 1% weaker, trading at around 27.50 USD as it looks like the recent uptrend might be exhausted. 

More importantly, the price is now testing a steep uptrend line, at around 27.60 USD. If silver closes below that level on a daily basis, the short-term uptrend might be over. 

The next support could be near 27 USD, but bears might target previous highs near 26.50 USD. However, the long-term trend remains choppy as the price has not moved anywhere since August. 

Alternatively, if silver starts rallying again, the first resistance should be expected at 28 USD. Afterwards, another selling zone will most likely be at the current swing highs of 28.80 USD.