Silver is currently priced at $26.4415, marking an increase of 0.60%. The metal is trading above its pivot point of $26.27, suggesting a potential bullish bias in the market. Immediate resistance for silver is seen at $26.95, with further ceilings at $27.76 and $28.79. Conversely, support levels are established at $25.76, $25.23, and $24.76, which will be crucial if the price retreats.
The 50-Day and 200-Day Exponential Moving Averages are positioned at $26.96 and $27.26, respectively, closely aligning with current prices and indicating significant levels of both support and resistance.
A bullish engulfing candle formation near the $26.45 support area could stimulate a buying trend, reinforcing the bullish sentiment. However, should silver fall below its current pivot point at $26.27, it could signal a shift to a bearish outlook for the commodity. Silver displays a potential for further gains if it remains above $26.27, with key technical indicators supporting a bullish scenario moving forward.
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.