Silver Price Analysis: Bulls extend another bounce off 200-HMA to attack $28.00
- Silver extends Wednesday’s recovery moves to break immediate trading range.
- Weekly high lures the bulls amid upbeat MACD singnals.
- Short-term horizontal support adds a filter to the downside.
Silver wavers around $27.90 after breaking the short-term range resistance during the initial Asian session on Thursday. In doing so, the metal extends the previous day’s upbeat performance amid bullish MACD, backed by another U-turn from 200-HMA.
With this, the bullion is up for challenging the weekly top, also the highest in three weeks, around $28.35.
However, any further upside needs to cross the $29.00 round-figure before targeting the monthly peak surrounding $30.05.
Meanwhile, pullback moves may eye re-test of 200-HMA, currently around $27.45, before teasing the silver sellers.
Even so, a horizontal area comprising lows marked on Monday and Tuesday, around $27.30-25, tests the silver bear’s entry targeting Friday’s bottom near $26.20.
Silver hourly chart
Trend: Further upside expected
Author
Anil Panchal
FXStreet
Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.
