Silver price attempts to snap its five-day winning streak, retreating from the all-time highs and trading near $27.00 per troy ounce during early European hours on Thursday.
Silver price could find a key support area around the major level of $27.50, following the psychological level of $26.00. Technical analysis suggests confirmation of the bullish sentiment. The immediate resistancezone appears around the all-time high of $27.33 and the major support at $27.50. The price of the Silver received upward support as the US Dollar lost ground due to the dovish sentiment surrounding the Federal Reserve’s interest rates trajectory.
The 14-day Relative Strength Index is positioned above the 50 mark, indicating strength in buying momentum. Additionally, the Moving Average Convergence Divergence shows a divergence above the signal line and remains above the centerline. On the upside, the all-time high of $27.33 could act as an immediate resistance, followed by the major support at $27.50. A breakthrough above the latter could lead the Silver price to explore the region around the psychological level of $28.00.
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