Silver Price Analysis: Silver prolonged this week’s positive momentum and continued scaling higher for the third consecutive session on Thursday. The momentum pushed the white metal to one-week tops, around the $25.60 region during the early European session.
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The uptick, however, lacked any follow-through and struggled to find acceptance above the 61.8% Fibonacci level of the $26.64-$23.78 downfall. This, in turn, warrants some caution before positioning for any further appreciating move.
Meanwhile, technical indicators on hourly charts have been gaining positive momentum but are yet to confirm a bullish bias on the daily chart. This further makes it prudent for the bulls to wait for a sustained move beyond the $25.60 level.
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The silver might then accelerate the momentum and aim back to reclaim the $26.00 mark for the first time since March 22. The next relevant bullish target is pegged near the $26.40-50 area, which if cleared should pave the way for additional gains.
On the flip side, the 50% Fibo. level, around the $25.20 region now seems to protect the immediate downside. This is followed by the key $25.00 psychological mark, which if broken decisively will negate the near-term positive outlook for the silver.
The subsequent technical selling below the 38.2% Fibo. level, around the $24.85 region will shift the bias back in favour of bearish traders. The silver might then turn vulnerable and slide further to the $24.45 region, or 23.6% Fibo. en-route the $24.00 mark.