Silver comes off 13-year high
The price of spot silver is seen retreating from its 13-year high of $39.1328 per troy ounce and may soon revisit its mid-June high of $37.3180. Due to inverse polarity, it should now act as support, together with the early and late June highs at $37.2290 and $36.8900.
While the April to July uptrend line at $36.6775 is maintained, the medium-term uptrend is expected to remain intact.
Minor resistance is located at the 14 July low of $38.0815, with more significant resistance at silver’s $39.1328 13-year high.
Spot silver chart