The silver price is close to a strong intraday support

 NEW YORK (Mar 29)  Silver has suffered some losses in recent sessions as most of the precious metal retrace from the highs. The most recent resistance has been hit at $25.84/oz subsequently the price has fallen around 4.5% to trade near $24.65/oz today. Looking at the price action it does seem the bears are in control in the short term but there is a decent support level very close by.

Looking at the 4-hour chart below the green shaded area at $24.50/oz has been tested five times on the chart below alone. This makes it a pretty strong area and if the bears can take the price below it could be significant. The next support below that is at the volume point of control from the volume profile indicator. This is represented by the red horizontal line at $23.77/oz just below the $24/oz psychological area.

KITCO