Today, Silver (XAG/USD) shows a notable gain of 1.29%, with the price reaching $26.89185. This advance positions silver just above its pivotal point at $26.82, hinting at potential bullish momentum. If it sustains above this level, immediate resistance is seen at $27.40, followed by higher thresholds at $27.95 and $28.67. These levels will be crucial in determining whether silver can extend its upward trajectory.
Conversely, if the price falls below the pivot, it could face downward pressure with support at $26.05, $25.57, and $25.06, marking critical zones to watch for potential stabilization or further declines.
Technical indicators fortify this outlook; the 50-day and 200-day Exponential Moving Averages (EMAs) at $26.90 and $26.59, respectively, support the current price level. These indicators suggest a tight consolidation, making a breach above $26.82 significant for confirming further gains.
Conclusion: Silver appears poised for more gains, with a decisive move above $26.82 potentially igniting a push towards $28.67.
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.