Silver has been propeled higher today on the movement into risk. The pair has also benefitted from favorable technicals. The price tested both the 100 hour MA (blue line in the chart above) and the broken trendline support line at the days low, and then moved above the 200 hour MA (green line). The combination gave buyers multiple strong reasons to push the price higher and that is what they have done.
The pair will next target the 33.05 level which is the high from March 19th. Above that level, the 38.2% of the move down from the February 29th high to the low reached last Thursday, comes in at the 33.52 level.
Looking at the daily chart below, the price also held support today against the 100 day MA. The 100 day MA comes in at the 32.13 level. The low did reach 32.01 but the momentum was quickly reversed. This too gave the buyers a reason to jump on board.
On the downside, the 32.55 level is now support for the pair. This is the 38.2% of the last leg higher and also the low corrective price for the pair today (see chart below). Traders, looking for the trend to continue should find support buyers against this dual support area. While a move below, should lead to further corrective action for the pair today. The upward sloping 100 bar MA (blue line in the intraday chart below) will be eyed as a support level to hold in order to keep the bias bullish.
