Silver prices have surged notably in early Thursday trading, approaching the crucial 50-day Exponential Moving Average (EMA) which is closely monitored by many traders. A potential breakout above this level could propel the market towards the $30 mark, supported by significant bullish momentum as indicated by the sizeable candlestick. The recent breach of the $28.50 barrier further reinforces the prevailing upward pressure. The market’s performance is also influenced by fluctuations in the US dollar, which appeared somewhat weaker in the early trading hours. There is uncertainty whether the current momentum can be sustained in the near term, with market participants closely watching the 50-day EMA for signals on future price movements. However, a reversal below $28 could lead to a downward drift towards the 200-day EMA, accompanied by the 50% Fibonacci retracement level. A potential drop to around $26.50 may initiate the formation of a complex head and shoulders pattern, signaling a bearish trend. While such a scenario seems less probable, it remains a possibility worth monitoring. For a comprehensive overview of today’s economic events, refer to our economic calendar.