Silver prices contract to $30.74

According to the Technical Analyst Team at ICN.com, “The white metal continued to move lower following the breakout of the symmetrical triangle pattern as expected. Subsequently, silver prices again retested the major support level at 30.75, where it rebounded slightly short after. A break below 30.75 level in particular could be significant, as this may dramatically extend the bearish direction. Therefore, we will wait for a clear break below the aforementioned level to suggest further bearishness.”

Tuesday has seen a further decrease in the value of silver, falling as low as the $30.68 earlier today, however in recent moments the price has rallied towards USD $30.73, incurring a loss of $-0.18 in these moments. ICN.com analysts point to supports at the 30.70 level, onto 30.45 and finally 30.10. On the ascension, silver prices will encounter measures of resistance at 31.10, then 31.30, followed by 31.70.