Silver Reverses Trend with Thursday Rally Above Key Technical Levels
Silver prices rallied mid-session Thursday after confirming a closing price reversal bottom at $63.31, just ahead of key technical levels.
The short-term range for silver is between $71.18 and $63.31, with a retracement zone at $67.25 to $68.17. Thursday's rally reached $67.47, narrowly within this zone.
Trader reaction to the zone will determine the near-term direction of XAGUSD. A sustained move over the 61.8% level at $68.17 could trigger acceleration to the upside, with major objectives including a long-term 50% level at $72.08 and the 200-day moving average at $72.67.
The main trend for silver is up, with the recent break of the main bottom at $62.56 supporting this view. However, buyers must now take out the swing top at $71.18 to reaffirm the uptrend and create enough upside momentum to overtake the 200-day moving average.