Silver Buyers Seek Breakout as Key Resistance FallsTechnical Analysis
In the hourly chart, silver ERRANTE:XAGUSD has shown bullish momentum, managing to fill the opening gap during the European session and breaking above the key resistance at $31.298. The bounce from $30.893 reflects solid support at this level, highlighting a firm foundation for further upside movement.
If the current upward trend continues, the next targets for silver lie at $31.466, $31.548, $31.703, and potentially $31.871. The price recently closed above the middle Bollinger band, which suggests the possibility of ongoing bullish momentum. As the price trades closer to the upper band, it may face some resistance, while the lower Bollinger band could act as support if there is a pullback.
Market Overview
From a fundamental standpoint, the environment for silver ERRANTE:XAGUSD remains neutral to slightly positive. Growing industrial demand, especially in sectors such as solar energy and electronics, continues to support silver's prices. If the outlook for these sectors remains positive or if the U.S. dollar weakens, silver's price is likely to rise. The current sentiment appears to be cautiously optimistic, setting the stage for silver buyers to potentially regain control.
