Current
By yesterday’s close, the price of silver had risen by about 2.6%. Today, the price has so far moved even further upwards with +0.5%. The uptrend since September 2022 was last confirmed by the price with a high at around $24.52 and has since fallen by over 5.4% at times. However, after December 21, the price has not closed above $24.13 and has been hitting lower lows ever since. After a stronger price decline on January 5, the price was able to recover, but remains rather weak so far today.
Analysis
The current weakening of the upward movement due to low highs and new lows has brought a short-term change in the chart picture for the time being. In the process, the price has secured a relevant support in the area around $23.13. The next resistance can be seen in the $24.50 area.
Should the price continue to stay above the support, respect it and mark new highs again, this can be interpreted as a bullish signal and the previous rise could be continued after all. Otherwise, the price could fall back to the last support or even reach new lows. Another possibility is a consolidation at around $23.90.
