Silver - potential break higher underway, up 2% on the day

A potential breakout here for Silver, currently the precious metal is up 2% on the day and is trading at around $30.14 an ounce. Looking at the chart from a daily perspective, the price is now testing the trendline resistance of the triangle. The resistance was reading $30.05, a break above this level could solidify the break higher going into jobs data on Friday. Commodities seem to be pushing higher today following Jerome Powell’s comments yesterday that raised hopes on rate cuts, hurting the dollar and in turn boosting commodities. A strong close higher would incentivise the bulls to then target the resistance of $30.85. The support is harder to gauge as the day has only begun and there is no clear indication of where the market will close at the end of the day. However, it can be argued that the previous trendline resistance has now flipped to support. Hence, combined with April’s high of $29.79, the area of $29.79-$30.05 is what the bulls may aim to uphold. The technical indicators are now starting to look more optimistic, the MACD is turning positive and the RSI has just entered positive territory as it reads 55.