Silver is on the rise, up by 0.73% to $27.53. The 50-day and 200-day Exponential Moving Averages (EMAs) indicate $27.18 and $27.13, respectively, suggesting robust underlying strength in the market. Today’s pivotal point is $27.29, closely aligning with the EMAs and providing foundational support that hints at a possible continuation of the current bullish trend.
Key resistance levels for silver are marked at $27.72, $27.98, and $28.30. A break above these could signal further upward movements, potentially approaching or exceeding $27.75. Immediate support levels are observed at $27.00, $26.72, and $26.44.
The formation of a bullish, engulfing candlestick pattern above $27.30 reinforces the positive outlook, suggesting that silver prices could climb higher if they maintain above the pivot point. Conversely, a fall below $27.29 might trigger a sharp selling trend, underscoring the critical nature of this threshold in the short-term trading landscape.
Arslan, a webinar speaker and derivatives analyst, has an MBA in Finance and MPhil in Behavioral Finance. He guides financial analysis, trading, and cryptocurrency forecasting. Expert in trading psychology and sentiment.