Anna 
Silver continued its rally for the second consecutive day on Thursday, marking its fourth upward move in the previous five sessions and reaching a near two-week high during early European trade. However, the precious metal remains below the formidable $22.30 support-turned-resistance level, warranting a cautious approach for bullish traders.
Furthermore, neutral technical indicators on the daily chart suggest prudence while awaiting follow-through buying above the key support-turned-resistance point to prevent over-optimism. A subsequent short-covering rally may allow Silver/USD to recapture the $23.00 level. If the momentum persists, it could challenge the crucial 200-day simple moving average (SMA) located near $23.35.
This 200-day SMA stands as a significant pivot point, and a decisive breach would signify a potential short-term bottom for Silver/USD, opening the path for a continuation of the recovery trend witnessed over the past week. In such a scenario, the white metal may ascend towards the $23.75 to $23.80 range (matching September 22 highs), with the possibility of reaching the psychological $24.00 level and further extending to $24.30 to $24.35.
On the flip side, the $21.85-$21.80 zone now acts as a robust immediate support level. The next relevant support rests near $21.60-$21.55, corresponding to the lows of the past week. Extended selling pressure might lead Silver/USD back to the multi-day trading range’s resistance breakout (now functioning as support) at around $21.30-$21.30. A breach of this level could pave the way for further declines, potentially testing the $21.00 psychological mark and revisiting the lows from the previous seven months, which are approximately at $20.70-$20.65 and were observed last week.
