In today’s analysis of Silver, the precious metal is priced at $26.47, indicating a decrease of 0.47%. The chart timeframe reveals pivotal price levels: a pivot point at $26.27, immediate resistance at $26.95, and subsequent resistances at $27.76 and $28.79. Immediate support is noted at $25.76, with further support at $25.23 and $24.76.
Technical indicators show the 50-day Exponential Moving Average at $27.08 and the 200-day Exponential Moving Average at $26.60. Notably, an upward trendline supporting Silver near the $26.30 level suggests potential bullish momentum, especially if a bullish engulfing candle forms over this threshold.
A bullish outlook prevails above $26.27, while a breach below may precipitate a sharp downward trend.
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.