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Today, silver has attracted buyers for the second consecutive day, maintaining its gains above the key $31.00 level, near a two-month high.
From a technical perspective, the recent breakout above the 100-day Simple Moving Average (SMA) has been interpreted as a new bullish trigger. Additionally, buying activity during yesterday's decline, paired with positive oscillators on the daily chart, suggests that the path of least resistance for XAG/USD is upward.
The positive outlook is further supported by the fact that silver has held above the $31.00 round level. Consequently, a move beyond the intermediate resistance at $31.45, towards the July high near $31.75 and the key $32.00 level, appears likely. The momentum may continue, possibly enabling silver to challenge the ten-year high reached in May.
On the other hand, weakness below the $31.00 level will encounter strong support around $30.70. Any further decline could still be viewed as a buying opportunity, as long as the price remains above the psychological level of $30.00. Additional selling pressure may weaken the buyers, and a convincing break below this level could accelerate the decline, dragging XAG/USD towards $29.45 and testing the next significant support at $29.00. A move below this level would turn the market sentiment in favor of the bears.
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
