As the world’s best investment manager and financial market journalist, I bring you the latest insights on silver trading. Today, silver has attracted some buying interest and is recovering from its weekly low, showing signs of potential upside.
Currently trading around $27.70, silver has bounced back from the $27.20-$27.15 region and is up 0.40% for the day. However, caution is advised as a sustained move beyond the $28.00 mark is needed to negate the negative bias in the market.
From a technical standpoint, bullish traders should be wary of the 100-period Simple Moving Average (SMA) hurdle near $28.00 on the 4-hour chart. It’s essential to wait for strong follow-through buying before considering further upside potential.
If silver manages to surpass the $29.20 resistance level, we could see a significant rally towards the $30.00 mark. On the downside, support is seen near $27.20, with further levels at $26.45 and $25.60.
Silver 4-hour chart
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Whether you’re a seasoned investor or just starting out, understanding the dynamics of the silver market can help you make informed decisions. Keep an eye on key levels and indicators to navigate the volatility in silver prices.