Bullish Sentiment Prevails as Precious Metals Approach Key Resistance Levels
August 27, 2024Silver Price Forecast: Silver Market Displaying Volatile Behavior with Technical Analysis
August 30, 2024The silver market is approaching a significant resistance level at $30, which is expected to attract considerable attention due to its psychological importance. Traders are keeping a close watch on this level as it has historically been noisy. There is a possibility of a short-term pullback, with the 50-day EMA acting as a key support level around $29. A breakout above the high of the shooting star from the Monday session could push the market towards $31.50. Despite expecting choppy price action, analysts remain bullish on silver and do not recommend shorting the market. Breaking below $28.50 could indicate a shift in sentiment to the downside. The current outlook suggests that the silver market is likely to continue its upward trajectory, although the timing of reaching higher levels remains uncertain. A decisive move above $30 could pave the way for further gains in the market.