Silver Price Forecast: Key Resistance Breakout Indicates Bullish Momentum
Silver Price Breakout and Bullish Sentiment
Silver price forecast shows a remarkable breakout as the market closed above the crucial 50-Day MA, reinforcing a bullish sentiment among investors. With recent trades peaking at $29.47, just shy of the 61.8% Fibonacci retracement target, investors are keenly watching the price movements to confirm ongoing strength.
Market Dynamics and Key Levels
- Silver has surged over 11.3% since hitting a low of $26.47.
- The 200-Day MA around $26.08 proved to be a critical support level during this rally.
- Investors should monitor potential pullbacks, particularly at the 50-Day MA near $29.20 and 20-Day MA, around $28.11.
Bullish Indicators Ahead
Last week, silver's price action triggered a bullish reversal on the weekly chart, signaling the potential for an advancing market. Today's bullish move validates this breakout, encouraging speculation about challenging the recent trend high of $32.52.
Stay Updated with Economic Events
For further insights on today's economic events, please refer to the economic calendar.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.