Silver prices are showing strength today, currently up by 0.86% at $28.48. The metal is trading above its pivot point of $28.16, indicating a positive outlook. Resistance levels are identified at $29.57, followed by $30.51 and $31.48. On the downside, support is firmer at $27.32, with additional layers at $26.28 and $25.37.
Technical indicators bolster the bullish scenario. The 50-Day Exponential Moving Average (EMA) at $28.02 and the 200-Day EMA at $26.08 both suggest underlying strength. The current upward channel, which has been supportive around the $28.50 level, favors buyers, but a drop below the pivot point of $28.16 could reverse the trend sharply lower, potentially targeting $27.35.
Conclusion: The market sentiment for Silver remains bullish as long as it stays above $28.16. However, traders should be cautious as breaking this level could trigger a significant decline.
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.