Silver Rebounds as US Dollar Weakness and Technical Support Drive Prices Higher

Silver took support near 365-4H EMA and showed a nice pullback on board-based US dollar weakness. It hit an intraday high of $37.18 and is currently trading around $37.01.

Trading Strategy and Key Levels for Silver

The commodity is trading below the short-term (34 and 55 EMA) and above the long-term moving average (200 EMA) in the 4-hour chart. The near-term support is around $36.80, and any violation below will drag the commodity to $36.17/$35.70/$35.47/$34.80/$34.40/$33.80. The immediate resistance is at $37.20, any breach above targets $37.65/$38.50/$40/$40.45.

It is good to buy on dips around $36.60 with a stop-loss at $35.47 for a TP of $40.