By yesterday’s close, the price of silver had risen by about 1.7%. So far today, the share price has continued to move slightly upwards at +0.05%. The share price last confirmed the medium-term upward trend with a low at around $17.55 and has since risen by over 26% at times. The reason for the recent stronger increase was the weakening US inflation and also the recovery of the stock markets. Recently, the price even broke out of the upward channel to the upside and also exceeded the 200-day moving average.
In the current uptrend since early September, the price has marked a medium-term high at around $22.24 and a low at around $17.55. Thus, the price has secured a relevant support in the area around $20.95. The next resistance can be seen in the $22.45 area.
If the price continues to stay above the support and respects it, this can be interpreted as a bullish signal and further rises could take place.
Otherwise, the price could fall back to support towards $21.00. If this is breached, we could see a further descent to below $20.00.
Otherwise, the price could hold in a sideways movement at around $22.00.