Usman Salis
⬤ Silver fell overnight and touched the 100-day exponential moving average at $29.50, a key technical support level that traders are watching closely.
⬤ The pullback happened inside a megaphone pattern—a widening structure with rising resistance and rising support lines that's been forming over recent weeks. The 100-day EMA lines up perfectly with the pattern's lower support boundary, while the 200-day EMA sits near $28, an old resistance zone that could act as a deeper pullback target.
The interaction with the EMA100D is critical here—this level has held before, and how price reacts now will likely set the tone for the next leg.
⬤ What happens at this support matters. If silver bounces here, the rally structure stays intact. If it breaks below, the next stop could be the $28 area where the 200-day EMA waits. For now, silver's trading inside an expanding range, swinging between wider highs and lows as volatility picks up within the broader uptrend.
Usman Salis
