FX.co ★ lstanton | XAG/USD, SILVER

Hello traders, as we can see, the bulls managed to break the first level of resistance. Currently, analyzing the situation on the daily chart, it can be noted that Silver is in a bullish trend. During today's trading session, futures are trading at the level of 65.88. The price is above the Ichimoku cloud, indicating an upward momentum. This means that closing the candle above the first level of resistance may signal an entry into a long position. The stochastic indicator is pointing upwards. The intraday reference for growth is the classic Pivot reversal levels. I believe that further growth from current levels and a breakthrough above the second level of resistance at 68.45 will lead to a new wave of silver growth and continuation of the upward movement above the resistance around 72.27. However, if bearish players return to the market, the reference for the current chart segment will be the support level at 58.07, and a close below it will change the current balance of power.