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 is a finance MBA and also holds an MPhil degree in behavioral finance. An expert in financial analysis and investor psychology, Arslan uses his academic background to bring valuable insights about market sentiment and whether instruments are likely to be overbought or oversold.