Silver prices are virtually unchanged on the day, near the $ 25.25 per ounce level at the time of writing.
The semi-precious metal is struggling to accumulate traction to the upside, marking a Weak tracking of the previous week’s bullish outer candle, created in the five days until January 22.
A bullish outer week occurs when an asset sees more volatility than the previous week and ends the period with gains. In the case of silver, the bullish outer week appeared after a two-week drop and indicates an upward turn.
However, so far buyers have remained elusive. Investors based on technical charts could be awaiting confirmation of the upside turn in the form of a convincing move above last week’s high of $ 26.04. That would open the doors to 27.92$ (highest seen earlier this month).
On the downside, the prior week low of $ 24.06 is the level to beat for sellers.
Silver weekly chart
Silver technical levels
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