General overview: Silver added to the previous day’s post-FOMC gains and climbed to over two-week tops. Bulls now await a move beyond the $26.60 confluence hurdle before placing fresh bets. The pair rises towards the north direction in the market. The pair keeps on rising towards the buy-side in the market. The market makes it’s high and started its bullish movement in the market. Silver built on the overnight post-FOMC positive move and gained some follow-through traction through the Asian session on Thursday. The pair shows the week top and pushed the bullish traders towards the buying side in the market. it will push the metal towards the buying side in the market. The potential traders sustained a move beyond 200 SMA in the market.
Technical analysis: From the technical point of view we can say that market creates a strong bullish side in the market. The pair makes the bullish candlesticks towards the higher side as the moving averages is providing support from the downside and make ascending swings in the market. on the hourly chart also see that bulls are now playing at the front foot and make the bullish side in the market, the pair is finding support from the minor EMA lines here as the major SMA line is also below the pair, we can expect another upwards sloping trend in the market, constitutes from the upwards wedge pattern. Meanwhile, technical indicators on the daily chart, so far, have been struggling to gain any meaningful positive momentum. Moreover, RSI on hourly charts has moved on the verge of breaking into the overbought zone. The set-up, in turn, warrants some caution for bulls and before positioning for any further appreciating move. The support level is 26.00 followed by 25.50 and resistance is 27.00 followed 27.50.
Trade idea: Our traders will sit on the buy-side at level 26.57 and the target will be 27.10 -27.45 stop losses will be 25.82
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