Silver prices have been climbing steadily, finding support above the 50-day SMA (31.58) and 200-day SMA (30.60), signaling a strong uptrend. The metal is now approaching a major resistance level at $35.00, which previously triggered a sharp pullback.
Momentum indicators are supportive of the rally, with the MACD ticking higher in positive territory and the RSI at 64.22, suggesting further upside potential but also cautioning that the market is nearing overbought conditions.
Key Levels to Watch:
📈 Resistance: 35.00 (psychological & historical resistance)
📉 Support: 32.00 (recent swing low), 31.58 (50-day SMA)
A breakout above $35.00 could spark further bullish momentum, while failure to clear this level may lead to consolidation or a short-term pullback.
-MW
Momentum indicators are supportive of the rally, with the MACD ticking higher in positive territory and the RSI at 64.22, suggesting further upside potential but also cautioning that the market is nearing overbought conditions.
Key Levels to Watch:
📈 Resistance: 35.00 (psychological & historical resistance)
📉 Support: 32.00 (recent swing low), 31.58 (50-day SMA)
A breakout above $35.00 could spark further bullish momentum, while failure to clear this level may lead to consolidation or a short-term pullback.
-MW
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