Silver has seen a slight increase, climbing to $24.48 with a 0.03% uptick. Looking at the four-hour chart, the pivot point at $24.54 will be crucial in determining its trajectory, with resistance levels at $24.82, $25.09, and $25.35 potentially limiting gains.
On the flip side, there are supports in place at $24.18, $23.91, and $23.59 to help guard against any potential declines. The 50-day and 200-day Exponential Moving Averages, which are at $23.88 and $23.23, respectively, indicate a bullish momentum underlying the current trend.
Additional insight:
– It is important to monitor the pivot point at $24.54 closely as it will be a key level to watch for potential shifts in the silver price.
– With resistance levels at $24.82, $25.09, and $25.35, traders should be cautious of possible price ceilings that could limit further gains.
– The supports at $24.18, $23.91, and $23.59 act as safety nets in case the price starts to decline, providing levels where buyers could potentially step in.
– The Exponential Moving Averages signal that there is positive momentum in the silver market, indicating a bullish outlook for the near future.