Silver costs are surging, up $1.77 (3.53%) on the day to $51.92, after touching a new document excessive of $52.02.
Trying on the chart, the corrective lows have been constantly supported by an upward-sloping trendline that has guided the transfer larger since mid-September. Whereas the value has often dipped beneath the 100-hour transferring common (at present at $49.45), it has not fallen beneath the 200-hour transferring common (now at $48.55) because the final main rally — an indication that patrons proceed to defend key assist ranges.
For sellers to achieve extra management, they would want to push and maintain the value beneath each transferring averages and the rising trendline.
One other key reference level is $49.83, the earlier all-time excessive from 2011. A sustained transfer beneath that degree would shift focus again towards the transferring averages and trendline assist, signaling a potential change within the bullish momentum.
