If the silver price effectively breaks through $29, it will challenge $29.43 and the 50 day moving average!
On Wednesday, silver prices resumed their upward trend, soaring over 2% and breaking through the key resistance 100 moving average, ultimately closing up 2.18% at $28.98. On Thursday morning in the Asian market, silver prices struggled around $29.
Market analyst Christian Borjon Valencia wrote that the upward trend of silver is still playing a role, although buyers lack the strength to push the daily closing price above $29.00, which may put selling pressure on this precious metal.
As shown by the Relative Strength Index (RSI), buyers have gathered some momentum, although the index is below the neutral line, it has the largest increase, indicating that it will turn bullish and confirm the price trend.
Market analyst Christian Borjon Valencia said that if silver prices effectively break through $29.00, the next resistance level will be the peak of $29.43 on July 24th, followed by the 50 day moving average (currently at $29.86). Once the silver price breaks through $30, it is expected to further rise. On the contrary, if the price falls below the 100 day moving average (currently at $28.61), the next support level will be the low of $27.29 on July 29th, followed by the $27 mark.
Daily chart of spot silver
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