On the downside, should the price dip, support can be found at $27.54, with additional safety nets at $26.80 and $25.76. Recently, Silver broke through a symmetrical triangle pattern that had capped its price at $25.75, igniting a bullish trend that now targets the $29.57 resistance level.
The 50-Day and 200-Day Exponential Moving Averages at $25.07 and $23.76 respectively, underline a strong upward momentum. In conclusion, Silver’s market stance is bullish as long as it remains above $28.42.
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.