Silver bounces off 200 hour MA on the final 2-tests

The worth of silver moved to a excessive on Friday at $29.79. That acquired inside $0.30 of the 2021 excessive at $30.09. The 2020 excessive reached $29.86. So there are 3 highs from 3 completely different years with $0.30. These highs are the best since 2013. Getting above them would open the door to the upside.

After reaching the excessive on Friday, the value began to rotate decrease. That transfer day the value transfer beneath the 100 hour MA (blue line) after which the 38.2% of the transfer up from the March 2024 low (see hourly chart beneath). Nevertheless, patrons got here in in opposition to the 200-hour MA and bounced. The excessive value on Monday reached as much as $29.01 earlier than rotating again decrease.

Immediately, the value as soon as once more fell beneath the 100-hour MA (blue line on the chart beneath), however discovered keen patrons on the 200-hour MA for the 2nd time this week (inexperienced line on chart beneath). As soon as once more, patrons leaned and pushed the value increased.

So technically, the ceiling is clearly close to $30. The technical assist is close to 200-hour MA (at $27.98).

These technical ranges provides merchants the targets that have to be damaged to both improve the bullish bias (on a break above $30), OR give the sellers some affirmation and confidence on a break beneath the rising 200-hour MA.

Remember