Silver is currently trading at $29.43, marking a rise of 0.30%. The metal is positioned slightly above its pivot point at $29.13, which is crucial for today’s trading dynamics.
Resistance levels are mapped out at $29.81, $30.14, and $30.62, which could limit upward movements if tested.
Conversely, support is established at $28.75, followed by lower thresholds at $28.37 and $27.99, which may halt any downward trends.
Technical indicators show the 50-day Exponential Moving Average (EMA) at $30.02 and the 200-day EMA at $29.47, suggesting a cautious market sentiment.
The current price hovering just below the $29.50 mark indicates a tentative stance. A move above $29.50 could confirm a bullish trend, whereas failure to surpass this level might reinforce bearish sentiments.