While silver trades higher, resistance at $27.80 is still intact.
A move above that would confirm a range breakout.
Silver trades near $27.55 at press time, representing a 0.87% gain on the day.
While the metal is flashing green, it is yet to take out resistance at $27.80 (the previous week’s high).
A move above that level would imply a bullish breakout from the narrowing price range signaled by the previous week’s candle, whose high and low falls well within the preceding week’s price range.
Above $27.80, the focus would shift to $30.09, the high seen earlier this week. On the other hand, acceptance under the previous week’s low of $27.31 would put the bears in a commanding position, exposing support at $24.06, the higher low created on Jan. 6.
Trend: Bullish above $27.80