At the start of the week, the silver market experienced some calm trading around the key 50-day Exponential Moving Average (EMA). Following a break above the $28.50 mark, silver is now attempting to exceed the $29 level with potential for further upside. Given the recent upward momentum and bounce off the critical 200-day EMA, a slight retracement would be logical, with the $26.50 level acting as a strong support zone. While the possibility of an upward breakout remains uncertain, current indicators suggest a bullish scenario, albeit possibly overextended. Market observers should monitor the US dollar’s performance as a weaker dollar would benefit silver prices. Additionally, industrial demand for silver plays a crucial role and adds to the market’s volatility. Despite fluctuations, the prevailing sentiment leans towards an upward trend, with selling interest likely only if prices drop below $25.80 and aim for the $22 level, signaling a broader negative market sentiment.