Range Markets

  • Silver prices pick-up bids around the highest levels in three weeks.
  • Clearance of horizontal resistance from January 06 backs the bulls.
  • Confluence of 21-day SMA, monthly falling trend line offers strong support.

Silver rises to $28.21 during the initial Asian session on Tuesday. The white metal cleared two key hurdles the previous day for climbing to the early February tops before easing from $28.28.

However, the commodity stays above previous resistances amid strong RSI conditions, which in turn keeps the bulls hopeful.

Hence, the $29.00 is up on the buyers’ radar while the $30.00 psychological magnet and the monthly top near $30.10 being the key hurdles to watch afterward.

Alternatively, a downside break below the seven-week-old horizontal support near $27.95 can restrict the bullion’s immediate downside ahead of dragging it to the convergence of 21-day SMA and a downward sloping trend line from February 01, currently around $27.05.

In a case where silver bears manage to sneak in below $27.00, the monthly low near 425.90 will be on their radars.

Overall, silver cleared the key upside barrier and is up for fresh north-run.


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