Silver advanced by 0.32%, trading at $22.96. This increment places Silver just above its pivot point of $22.90, indicating an optimistic market stance. Resistance levels are mapped out at $23.14, $23.33, and $23.50, which could challenge upward price action.
On the downside, support is pegged at $22.72, $22.53, and $22.33, serving as potential floors for price corrections. The 50-day Exponential Moving Average (EMA) at $22.86 and the 200-day EMA at $22.89 closely align with the current price, reinforcing a bullish outlook.
Given these metrics, Silver’s trajectory is bullish as long as it sustains above the $22.90 mark, suggesting a positive momentum continuation.
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.