Silver saw a slight decline in Asia on Thursday, remaining below $47.50. When it was unable to maintain its position over $48.00, it faltered. Nevertheless, silver remains well above the week’s low, and losses appear to be limited. Before making additional capital commitments, traders wait for stronger cues.
Silver recovered from its 50-day EMA (Exponential Moving Average), demonstrating that buyers have not yet given up. Even so, it’s unclear because the daily charts show signs of impending trouble. Therefore, it may be best for traders to refrain from making significant moves in either direction.
Right now, prices seem to find a floor around $47.00—even down to $46.95. Should they fall through that, $46.00 becomes the next likely target. Beyond that, it might test the $45.55 average price, then perhaps hit $45.00—a key round number.
Should prices climb past $48.00, more buyers might jump in. Continuing this rise, silver could challenge resistance around $48.45 to $48.50. Breaking through there suggests a run at $49.00—perhaps even $50.00—which many traders watch closely.
