April 22, 2025 – DailyForex.pk
Silver prices remained supported near the 20-Day Moving Average (MA) on Monday, maintaining a short-term uptrend but signaling possible weakness ahead. Despite an intraday rally, a weak closing position and bearish candlestick formation raise correction risks in the coming sessions.
Silver initially triggered a bullish breakout above last Friday’s high of $32.94, reaching an intraday peak at $33.06. However, prices slipped back to the lower half of the day’s range by the close, showing signs of waning momentum.
Despite the retreat, silver held above the 20-Day MA, which continues to act as a key short-term support level. A breakdown below this level, however, could signal a deeper pullback.
Last week, silver confirmed a bullish breakout on Wednesday with a daily close above a confluence resistance zone formed by:
This area has now become a support zone, with prices bouncing off it in recent sessions. Monday marks the first session where silver traded entirely above the 20-Day MA, further strengthening this zone’s credibility.
While silver is also holding above the 50-Day MA, confirmation is still tentative, as price action remains volatile.
Despite the sustained support, there are technical warning signs:
If that support fails, silver could retrace further, potentially testing lower support zones near the 50-Day MA or earlier consolidation levels.
Silver remains technically bullish as long as it holds above the 20-Day MA. However, reversal patterns and overextended rally signals suggest a short-term pullback could be on the horizon.
Traders should closely monitor:
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