On April 17, Silver prices demonstrated resilience, climbing 0.39% to trading at $28.27. The metal continues to hold above its pivot point at $28.03, suggesting sustained buying interest. The price is currently buoyed by an upward trend channel and supported by the 50-day Exponential Moving Average (EMA) at $27.91, both indicating potential for further gains.
Immediate resistance levels are at $29.57, followed by $30.51 and $31.48. Surpassing these could accelerate the upward momentum. Conversely, if silver drops below its current support level, it could face downward pressure with next support levels at $27.32, $26.28, and $25.37. A break below the pivot could trigger a sharp selling trend.
Overall, the market posture for silver remains positive as long as it trades above the $28.03 mark.
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.