The price of silver kept rising on Monday, hitting a new peak of 30.10 as demand remained strong. This upward movement indicated sustained interest in silver, pushing it further above the 50-Day Moving Average. The previous Friday saw a break above the 50-Day line, closing at 29.21, marking the second attempt to break out upwards after an unsuccessful try to hold support around the 50-Day line on Thursday. Today’s price action demonstrates continuous demand for silver following a brief pullback last Thursday. A daily close above today’s high will confirm the continuation of the bullish trend and position silver to test higher price levels. Exceeding Targets The recent target of 29.74 was surpassed last week. This was achieved through a combination of a 61.8% Fibonacci retracement and the target derived from a rising ABCD pattern extended by the 161.8% ratio. The next target for silver is the 78.6% retracement at 30.62. As it approaches this level, it will start nearing the upper downtrend line, acting as dynamic resistance for the trend. Before challenging recent highs at 31.76 and 32.52 from May, silver must first surpass the downtrend line. Positive Weekly Signal Today Today’s advance not only continues the daily uptrend but also signals a bullish continuation on the weekly chart. With silver expected to close above last week’s high of 29.97, it confirms the strength of the weekly breakout. The metal may encounter resistance around the 78.6% retracement area and the downtrend line in the ongoing rally. There have been two minor setbacks during the upward journey, but each time the bulls quickly regained control, leading to higher prices. With the recent rally above the 50-Day line cementing strength, further upward movement is likely. Critical Near-Term Support at 28.79 In case of a downturn before reaching new highs, the recent pullback level at 28.79 serves as crucial support. A drop below this level may trigger a deeper retracement. However, unless this occurs, the outlook leans towards silver seeing higher prices. For a comprehensive overview of today’s economic events, refer to our economic calendar.