The silver price is heading into a support area

NEW YORK (Aug 3) Silver technicals are showing the silvers futures price is still in a downtrend on the 4-hour chart. The price has been making consistent lower highs and lower lows but found support at around $25/oz a few times now. Having said that, the price has dipped below to reach $24.51 and jumped back up on decent volume.

From a volume profile perspective, the price is nearing the high volume node of the current distribution at $25.25/oz. There could be some support there as the high volume nodes on the chart have been used to good effect on many occasions as both support and resistance. If there is a breakthrough it normally has to be off the back of good volume to take the price to the next distribution zone

KitcoNews