On Thursday (August 1), during the Asian market, spot silver remained stable after a significant increase yesterday, and is currently near $29.00 per ounce. Famous financial news website Economies.com published the latest analysis of silver trends on Thursday.
According to Economies.com, the silver price has confirmed the breakthrough of the resistance level of $28.55 per ounce, which opens up space for further strengthening of the silver price.
Physical silver soared 2.15% to close at $28.98 per ounce on Wednesday.
Economies.com wrote in the article that the price of silver yesterday broke through $28.55 per ounce significantly and closed above this level. The silver price is expected to continue to rise in the next few trading periods, with the main targets targeting $29.30 per ounce and $30.06 per ounce.
(Spot silver 4-hour chart Source: Economies.com)
Economies.com stated that from the 4-hour chart, the silver price traded above the 50-period index moving average line (EMA), which supports the bullish trend of the silver price. Unless the silver price falls below $28.55 per ounce and remains below that level, the expectation for a rise in silver price will still be valid.
Economies.com expects that today's silver price trading will be between the support level of $28.50/ounce and the resistance level of $29.40/ounce.
Economies.com said that the expected trend for the silver price today is bullish.
At 13:30 Beijing time, the spot silver reported $28.99 per ounce.