Silver Price Analysis: Bulls cheer upside break of 21, 50-day EMA above $15.50

  • Silver extends four-day winning streak, consolidates above 15.00.
  • Sustained trading above key EMAs, normal RSI favor buyers.
  • A three-week-old rising trend line adds to the support.
  • April month top, 61.8% Fibonacci retracement on the bulls’ radars.

While printing a four-day run-up, Silver prices take the bids near $15.53, up 0.25% on a day, ahead of Tuesday’s European session. The industrial metal’s ability to stay above 21 and 50-day EMA, not to forget normal RSI conditions, keep buyers hopeful.

As a result, April month high of $15.85 is on the buyers’ watch list as an immediate target whereas 61.8% Fibonacci retracement level of February-March fall, near $16.17, can offer resistance afterward.

It should also be noted that $16.00 and February month low near $16.40 offer additional levels to watch during the bullion’s rise.

Meanwhile, 50% Fibonacci retracement level of $15.30 acts as an additional downside filter other than the 21-day and 50-day EMAs, at $15.17 and $15.41 respectively.

Furthermore, an upward sloping trend line from April 21, at $14.77, offers extra support in a case where silver prices decline below $15.30.

Silver daily chart

Trend: Bullish

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