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Silver has been in a pretty decent uptrend of late. The chart has been making higher highs and higher lows on this 4-hour chart since 30th March. Now there has been a deep retracement it will be interesting to see if the buyers and keep the momentum going.
The support level at the red zone near $27.50/oz looks pretty firm. It has been rested at least 3 times on the chart and is also the high volume node on the composite volume profile indicator. This means it is the area at this distribution where most contracts have been traded. There is only one other area that has more interest and that is at $26/oz.
There is also another trendline proving support at the current price level. As highlighted on the chart the trendline has been pretty firm with multiple touches and rejections. This does not mean the trendline will hold but it could mean it is important if it breaks. If that is to be the case $27/oz is the next support followed but the blue area at $26.72/oz which looks slightly stronger.
On the upside, if the bulls are to keep hold of this market the previous wave high stands at $28.90/oz. For now, the current support level is holding albeit on pretty thin volume.
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