Is Silver bullish or bearish? – Silver prices are licking its wounds after reaching the lowest levels in two weeks just below the $25 threshold.
Is Silver bullish or bearish?
The industrial metal defends critical support, benefiting from the optimism surrounding the US infrastructure spending. According to reports, the Biden administration is mulling a $4 trillion jobs, infrastructure spending proposal.
How is Silver Positioned on the Charts?
The Technical Confluences Detector is backing the fundamental view, as Silver continues to hold above powerful support key level at $24.90/$24.85.
The support line is the confluence of the pivot point one-week S3, pivot point one-month S1 and the two-week lows.
A breach of the latter would expose the $24.75 support area, where the Bollinger Band one-day Lower lies.
Further south, the pivot point one-day S3 at $24.50 would be on the sellers’ minds.
Alternatively, the silver bulls face a strong hurled around $25.35, the convergence of the Fibonacci 38.2% one-day, SMA50 one-hour, and Fibonacci 161.8% one-week.
The next relevant resistance awaits at $25.55, the pivot point one-week S2.
A sharp rally towards the $25.75 key level, the intersection of the SMA100 and SMA5 one-day, cannot be ruled if the abovementioned barrier is taken out.
US Treasury yields dipped after the Treasury saw average demand for an auction of five-year notes, with the market appearing to stabilize after benchmark yields reached one-year highs last week.
Gold Rates – Spot & Futures (.995 purity)(MCX)
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Rs/10 Grms (AHMEDABAD)
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Rs/10 Grms Expiry: 05-Apr-2021