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Silver has risen for the fourth consecutive day, trading near the upper boundary of its weekly range, above the $32.00 level.
For the fourth day in a row, silver has been rising, trading close to the upper boundary of its weekly range, above the $32.00 level. However, the white metal remains near the multi-year high reached last week and seems ready to extend its upward trend that began from the August low.
This week's rebound from levels below $31.00, followed by upward movement, confirms the positive outlook. Additionally, the oscillators on the daily chart are in positive territory and far from the overbought zone, indicating that the XAG/USD pair's path of least resistance is upward.
Thus, a move back toward the multi-year high around $32.70, with a potential rise to $33.00, appears likely.
On the other hand, any weakness below the $32.00 level now seems to find some support around $31.75. However, a decisive break below this level would trigger technical selling, pushing the XAG/USD pair toward support at $31.45, followed by the round level of $31.00 and the weekly low near $30.85, which would act as a key pivot point. A firm break below this level would nullify the bullish outlook and shift the short-term bias in favor of the bears.
The white metal could then accelerate its decline toward the $30.25 level, before continuing its fall to the psychological level of $30.00 and the support at the 100-day simple moving average.
*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।
