During the Asian session, silver experienced a gain, closing at $23.15 with an uptick of 0.56%. This places the metal slightly above its pivot point of $23.14, indicating a bullish inclination.
Resistance is encountered at $23.51, $23.68, and $23.85, while support levels are positioned at $22.91, $22.72, and $22.53. The 50-day and 200-day Exponential Moving Averages (EMAs), at $22.84 and $22.89 respectively, have crossed over in a manner that, coupled with a bullish engulfing pattern, signals a robust buying trend.
Given these indicators, Silver’s trajectory is bullish as long as it stays above the pivot point, reflecting a positive momentum for the metal.
Arslan is a finance MBA and also holds an MPhil degree in behavioral finance. An expert in financial analysis and investor psychology, Arslan uses his academic background to bring valuable insights about market sentiment and whether instruments are likely to be overbought or oversold.