Retail Traders Push Silver Towards The $30 Level
Silver is currently trying to settle above the $30 level. Silver has not visited this territory for many years, and it remains to be seen whether previous levels will be relevant for today's trading.
RSI has already reached the overbought territory but has not entered into the extremely overbought territory. Back in July 2020, RSI was at much higher levels so silver may have more room to run in case it continues to get strong support from retail traders.
On the support side, silver will likely get strong support near $27.75 but it remains to be seen whether it will get enough interest at higher levels in case it starts to pull back.
RSI has already reached the overbought territory but has not entered into the extremely overbought territory. Back in July 2020, RSI was at much higher levels so silver may have more room to run in case it continues to get strong support from retail traders.
On the support side, silver will likely get strong support near $27.75 but it remains to be seen whether it will get enough interest at higher levels in case it starts to pull back.