Silver breaks patterns

Note: This section contains information in English only.
Source: Dukascopy Bank SA


Since the announcement made by the Federal Reserve on March 15, the price for silver has broken the channel pattern, which guided the price up throughout 2022. In late March, the commodity found support in the 24.00 mark and April 12 the price had recovered above the 25.00 level.

In the near term future, a potential surge of the commodity price might encounter resistance near the 26.00 and 27.00 levels. Both round price levels acted as resistance in March. Higher above, note the mid-2021 high level zone above 28.00.

On the other hand, a potential decline of the pair is set to look for support in the combination of the 24.00 and the 200-hour simple moving average. Below the 24.00 mark, note the 23.00 level, before the pair reaches the support zone below 22.00.
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