Silver Price Analysis: Bulls extend another bounce off 200-HMA to attack $28.00

• Silver extends Wednesday’s recovery moves to break immediate trading range.
• Weekly high lures the bulls amid upbeat MACD singnals.
• Short-term horizontal support adds a filter to the downside.

Silver wavers around $27.90 after breaking the short-term range resistance during the initial Asian session on Thursday. In doing so, the metal extends the previous day’s upbeat performance amid bullish MACD, backed by another U-turn from 200-HMA.

With this, the bullion is up for challenging the weekly top, also the highest in three weeks, around $28.35.

However, any further upside needs to cross the $29.00 round-figure before targeting the monthly peak surrounding $30.05.

Meanwhile, pullback moves may eye re-test of 200-HMA, currently around $27.45, before teasing the silver sellers.

Even so, a horizontal area comprising lows marked on Monday and Tuesday, around $27.30-25, tests the silver bear’s entry targeting Friday’s bottom near $26.20.

Silver hourly chart

Trend: Further upside expected