Silver Surges Past Key Resistance as Uptrend Continues

The silver market has been on an upward trend, and recent data suggests that it may continue to rally. The spot price of silver finished sharply higher last Friday after breaking through the 50-day moving average at $62.14. This indicates a strong presence of buyers in the market.

According to two metrics, the main trend is up. On Wednesday, the swing chart changed to an uptrend when buyers took out $60.94. It was reaffirmed on Friday when the July 6 high at $63.28 was surpassed.

The new short-term range for silver is between $54.78 and $65.16. If the 50-day MA fails as support, a possible pullback into the minor retracement zone at $59.97 to $58.75 may occur.