During the Asian session, silver experienced a gain, closing at $23.15 with an uptick of 0.56%. This places the metal slightly above its pivot point of $23.14, indicating a bullish inclination.
Resistance is encountered at $23.51, $23.68, and $23.85, while support levels are positioned at $22.91, $22.72, and $22.53. The 50-day and 200-day Exponential Moving Averages (EMAs), at $22.84 and $22.89 respectively, have crossed over in a manner that, coupled with a bullish engulfing pattern, signals a robust buying trend.
Given these indicators, Silver’s trajectory is bullish as long as it stays above the pivot point, reflecting a positive momentum for the metal.
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.