Silver has shown notable behavior on both long-term and short-term timeframes, presenting interesting patterns for further analysis.

Long-Term Overview:

On the monthly timeframe, Silver has been balancing between $26.5 and $31.0, indicating a consolidation phase. The 10 EMA is acting as key support, helping to maintain the overall bullish structure. On the weekly chart, a similar balancing range of $27.6 to $31 is evident. Silver recently bounced after briefly trading below the 10 and 20 EMAs, suggesting a recovery from a short-term correction. The slight upward curve in the moving averages indicates that buying momentum is gradually increasing, pointing to potential upward pressure in the coming weeks.

On the daily chart, Silver has been in a one-time frame up (OTFU) mode for the past five days, showing consistent buying pressure. The 10 EMA is above the 20 EMA, with 10 EMA trading above the 50 EMA, and 20 just a shade below, reinforcing the bullish outlook. This alignment of moving averages suggests a continuation of the uptrend unless external factors disrupt the current momentum.

Short-Term Outlook:

Examining the shorter-term timeframe, Silver initially experienced consolidation between $28 and $28.5. After the VPOC (Volume Point of Control) shifted higher to 29.1, the market corrected but remained within a similar balancing zone of 28 to 29. Following a brief pause around 29, the price action showed a fierce upward move, likely due to trapped shorts, leading to a strong two-day rally.

Now, with the VPOC moving to 31, Silver has reached a key decision point. If the price pulls back and sustains below 31, it may revisit 30.4, a potential support level. The reaction at 30.4 will be crucial, as a failure to hold this level could lead to a further drop towards 29.2, although breaking 29.2 might prove difficult given its historical significance as a resistance-turned-support area.

In summary, Silver's price action is currently supported by strong bullish momentum, with multiple levels aligning to maintain this uptrend. However, a potential pullback from 31 could offer short-term opportunities, depending on whether key support levels like 30.4 and 29.2 hold up. Traders should closely monitor these levels for reactions that may determine the next direction in price movement.

Silver Daily Chart

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#Nifty Black and Green are the View for Upcoming days

Buy zone 25415 sl 25400

Gold playing well around MP levels. Rejection from PD PPOC (2609.5), support at 13th Sep high (2588.5)
Supply pressure at 2593-94 levels and then from 2596-99 levels.

VPOC (or cost basis) has moved to 2592.5. With inventory above the current price expect downward pressure with targets at todays low 2588.5 and 13th Sep POC: 2583.

Stop at 2592.5 (low risk players) 2594 (high risk players)