Silver Steadies With Buyers Defending Momentum In Supply-Driven Rally (Technical Analysis)
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Traders Union555 FollowersFollow5ShareSavePlay(5min)CommentsSummarySilver holds above $62 as Fed tone boosts demand.ETF inflows rise sharply amid tightening physical supply.RSI in upper-70s shows strong momentum with no exhaustion. PM Images/DigitalVision via Getty Images By Jainam Mehta Silver pushed deeper into record territory this week, holding above $62 per ounce on Thursday as traders absorbed the Federal Reserve’s latest policy signals and a softer dollar reduced the cost of holdingThis article was written byTraders Union555 FollowersFollowTraders Union is a leading financial portal dedicated to empowering traders and investors with essential information to maximize their success in the financial markets. Its mission is to create a trusted platform where users can easily access comprehensive details about the top brokerage firms offering the most favorable and seamless trading conditions. Founded in 2010, Traders Union was built on the idea of providing thorough and unbiased reviews of international forex brokers, along with high-quality content covering global trading and investment trends. Traders Union saves time and effort by making the process of selecting a reliable broker hassle-free. With the Traders Union Broker Rating, users have all the data needed to make well-informed decisions, eliminating the need for endless research and review reading.Quick InsightsWhat are the main drivers behind silver's current rally?Silver's rally is underpinned by dovish Fed signals, a softer dollar, tightening physical supply, and robust industrial demand, especially from solar and EV sectors.How do technical indicators support the bullish thesis for silver?Silver trades above its 20, 50, 100, and 200-day EMAs, with strong RSI momentum and supportive intraday patterns, suggesting continued upside unless $60.5 is breached.What could challenge the current bullish outlook for silver?A sharp reversal in dollar strength or abrupt tightening in liquidity conditions could undermine silver's breakout, but current macro and structural forces remain supportive.Recommended For You