Silver’s first downside target is set at $30.60, aligning with the 100-period Exponential Moving Average (EMA). Should prices decline further, the next key level to watch is $30.40, which marks the lower boundary of the Bollinger Band. Prolonged losses could lead to a drop to the psychological level of $30.00, followed by the January 13 low at $29.50.
On the bullish side, immediate resistance is found at $31.72, the high from January 31. The next significant hurdle lies in the $31.90-$32.00 range, which represents both the upper limit of the Bollinger Band and a round number. Currently, the Stochastic Oscillator is at 66, and the Relative Strength Index (RSI) is at 56, indicating a moderately positive outlook in the short term.
In the dynamic and complex landscape of bullion markets, it’s essential to stay informed through both technical and fundamental analysis for making sound investment decisions. This report aims to offer a balanced perspective to help investors navigate the intricacies of gold and silver trading effectively.