Silver is currently trading at $27.27, marking a modest increase of 0.20%. The metal is hovering just above its pivot point of $26.93, suggesting potential for upward movement. Immediate resistance is found at $27.74, with further key levels at $28.74 and $29.51. Conversely, should silver retract, it could test support at $26.33, followed by stronger supports at $25.62 and $24.79.
The 50-day Exponential Moving Average (EMA) is at $27.55, slightly above the current price, indicating a tentative bullish sentiment. However, the 200-day EMA at $26.59 supports the price from a longer-term perspective. The technical setup suggests that while silver remains bullish above $27.00, a drop below this threshold could trigger a shift towards a bearish outlook.
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.