Silver breaks 2021 high resistance line

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


At the end of February, the price for silver passed above the 2021 high level connecting trend line. Afterwards, the commodity surged to the 27.00 mark and bounced off its resistance. By doing so, the rate revealed a channel up pattern, which captures the 2022 recovery of the metal.

On March 15, the price was retracing downwards and was expected to reach the combined support of the 24.00 mark, the lower trend line of the channel up pattern and the 50 and 200-day simple moving averages. If silver declines below the 24.00 level, the rate could look for support in the 22.00 level and the support zone below it. The price has been kept up by this zone since July 2020.

On the other hand, a surge of the commodity might encounter resistance at round price levels like the 26.00, 27.00 and 28.00. Above the 28.00 level note the 28.00/28.75.
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