The silver market has retreated from the critical $28.50 level, a significant area that has proven to be important multiple times. This development suggests that there may be a pause in trading activities, as market participants tend to focus on these key levels repeatedly. Additionally, just above $28.50, the 50-day EMA could pose a significant resistance level. In the event of a pullback, it is important to note that the 200-day EMA is closer to the $27 mark. Currently, traders face a situation where they are navigating between these two major indicators, leading to uncertainty in market direction. Despite recent bullish trends, silver prices are heavily influenced by changes in risk appetite, necessitating monitoring of global market trends. Furthermore, market participants should observe the overall investment sentiment and assess whether investors are gravitating towards riskier assets. In the short term, the market appears poised for a buy-on-the-dip strategy, but a catalyst such as a fundamental development or FOMO (fear of missing out) may be needed to propel prices above the $28.50 level and the 50-day EMA. Once this resistance is surpassed, the market could target the $31 level. For a comprehensive overview of today’s economic events, consult our economic calendar.