Silver's bullish engulfing candle on Thursday may have marked the end of the corrective phase for the metal, potentially paving the way for a new bull trend.
On Thursday, XAGUSD found strong support from the area around $26.50, where it had taken off in May. It is essential that it now finds some follow-through on the upside.
An ideal scenario for the bulls today would be if we can close above resistance in the $27.60-$28.00 range, with a more significant level seen around $28.65.
Short-term support is seen around $27.26, marking Thursday's high. It is important that silver at the very least holds above this level heading into the close.
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