Silver Price Forecast – Silver Plows Into Resistance

Christopher Lewis
Published: Mar 30, 2023, 14:50 UTC

Silver markets have rallied significantly early during the trading session on Thursday, showing signs of strength yet again. However, we are right in the middle of a major resistance barrier.

Silver, FX Empire

In this article:

Silver Price Forecast Video for 31.03.23

Silver Markets Technical Analysis

Silver has rallied rather significantly during the trading session on Thursday, reaching to the $24 level. This is an area that has had some influence on the market in the past, so it should not be a major surprise to see that we are testing it again. Whether or not it holds as resistance remains to be seen, but it is worth noting that the market continues to look a bit stretched at this point. While I don’t necessarily think that silver is going to completely fall off the map, the reality is that it is a little overdone and a lot of people will look at it as such.

Underneath, the $23.50 level could offer a little bit of support, while most certainly the $23 level will as well, due to the psychology of the round figure. Ultimately, this is a situation where we have to pay close attention, because quite frankly this is a market that should find plenty of buyers on dips. Just above, I see the $24.60 level as an extraordinarily difficult level to get above, but obviously would attract a lot of attention as it was the most recent high. With that being said, it looks as if we are going to continue to see a lot of questions asked about whether or not we can get above there. If we do, then it opens up the possibility of $25 being targeted.

The reason I mention $25 is that historically speaking, it has been a major breach of resistance and a lot of times can lead to a huge run higher. In that environment, I would anticipate that the market would see plenty of reason to do the same. The $26 level was a recent resistance barrier, so it may not take off quite instantly, but it certainly would capture the attention of a lot of people. That being said, the fact that we have sold off some of the gains of the day tells me that we are getting closer to a pullback with each candlestick that presses to the upside. Again, I think this will end up being value on the dip.

For a look at all of today’s economic events, check out our economic calendar.

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

Did you find this article useful?