Silver is one of the better performers in European morning trade
Precious metals are showing a solid bounce this week, with gold advancing towards $1,850 and silver now up by nearly 2% on the day and closing in on $27.80 as the dollar is seen weaker across the board in European trading.
As much as gold has some key resistance levels to watch out for nearby, silver is extending gains from around $27.30-40 levels earlier with buyers eyeing $28.00 next.
Resistance from the 38.2 retracement level of the drop lower last week @ $27.51 helped to limit overnight gains but buyers are looking poised now to hold a break above that and target the $28.00 level.
The technical picture is clearer when drilling down to the near-term chart:
Buyers are in near-term control after pushing back above both key hourly moving averages and are shaking off resistance around $27.50-57 since late yesterday.
That opens up the path towards the 50.0 retracement level @ $28.00 next and that will pose the next key challenge for buyers in chasing further upside.
