Key Takeaways
- Silver is currently in a downtrend and needs to close above the 20-Day MA and the swing low at 29.23 before continuing higher.
- There are signs that the bearish correction may be over, with support seen around the 26.47 price level.
- Weekly resistance is at 28.67, and a bullish advance above this level could trigger a weekly reversal.
- The 50-Day MA at 29.36 is a higher target to watch for potential resistance.
Targets 20-Day MA at 28.49
Silver is currently in a downtrend and needs to close above the 20-Day line and the swing low at 29.23 to continue higher. Support was seen around the 26.47 price level, indicating a possible end to the bearish correction.
Weekly Resistance at 28.67
Before reaching the 29.23 price level, silver may encounter resistance at 28.67. A bullish advance above this level could trigger a weekly reversal, strengthening the price of silver.
50-Day MA at 29.36 is Higher Target
The 50-Day MA at 29.36 is currently slanted down and may converge with the swing high at 29.23. A breakout above this line will confirm the developing uptrend strength, with the next key price zone around the prior swing high of 31.86 from July.
FAQs
1. How can silver continue higher in the current downtrend?
Silver needs to close above the 20-Day MA and the swing low at 29.23 to signal a reversal in the downtrend and continue higher.
2. What is the significance of the weekly resistance at 28.67?
A bullish advance above the 28.67 price level could trigger a weekly reversal, strengthening the position of silver in potentially breaking out above the swing high at 29.23.
3. What is the importance of the 50-Day MA at 29.36?
The 50-Day MA at 29.36 is a higher target to watch for potential resistance. A breakout above this line would further confirm the strength of the developing uptrend in silver.
Leave a Reply