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Silver is showing some strength today, but I'm still cautious. The 200 SMA around 78.88 is acting as a major resistance. If it can break through that, we might see a real rally. Otherwise, it's just another dead cat bounce imo. Need to see more volume to be convinced.
Interesting perspective @smirza632. While the 200 SMA is indeed a significant level, the current momentum seems strong enough to potentially break through it. However, I agree that volume confirmation is essential. I'd also consider the 50 SMA around 80.46 as a key support level in case of a pullback. If the price manages to stay above that level, it would indicate sustained bullish sentiment. A decisive break and close above the R1 pivot at 87.49 could open the door for further gains towards the R2 pivot at 87.81.