Technical indicators highlight Silver’s upward trajectory, with the price having surpassed the 261.8% Fibonacci extension level at $28.09. Traders are now eyeing the 300% and 341.4% Fibonacci extension levels as the next targets. The 50-day Exponential Moving Average (EMA) at $26.84 and the 200-day EMA at $25.09 provide additional layers of market sentiment.
In conclusion, Silver remains in a bullish stance above $28.09. A descent below this critical level, however, could initiate a notable sell-off, placing the focus on the underlying EMAs and Fibonacci levels for directional clues.
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.