Silver on the daily chart
The price of silver reached a high on Friday at $29.79. This is $0.30 off the 2021 high of $30.09. The 2020 high reached $29.86. So there are 3 peaks in 3 different years with $0.30. These highs are the highest since 2013. Exceeding them would open the door to an increase.
After hitting the high on Friday, the price started to decline. On this day, price moves below the 100 hour MA (blue line), then 38.2% up from the March 2024 low (see hourly chart below). However, buyers bucked the 200 hour MA and rebounded. Monday’s high price reached $29.01 before falling back lower.
Today, price fell below the 100 hour MA again (blue line on chart below), but found willing buyers at the 200 hour MA for the second time this week (green line on the graph below). Once again, buyers leaned in and pushed the price higher.
So technically the cap is clearly close to $30. Technical support is close to 200 hours of MA (at $27.98).
These technical levels give traders targets that must be exceeded to either increase the bullish bias (on a break above $30), OR give sellers some confirmation and confidence on a break below the ascending MA of 200 hours.
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