Search ForexCrunch
  • Silver stays above two-week-old resistance line as Good Friday stops bulls.
  • Horizontal resistance, another descending trend line can test buyers even as momentum favors them.

Silver’s upside break of a short-term resistance line, now support, teases weekly top of $25.10. The run-up also gains support from strong momentum, favoring the bulls.

It should, however, be noted that a horizontal area from March 12 and a five-week-long descending resistance line, respectively around $25.40 and $25.55, stay firm to test the silver buyers.

In a case where the white metal rallies beyond $25.55, the $26.00 threshold and March 18 top near $26.65 will be in the spotlight.

Meanwhile, pullback moves below the previous resistance line, around $24.30, will eye the $24.00 round-figure and March low near $23.75.

Overall, silver’s corrective pullback needs validation to recall the buyers.

Silver four-hour chart

Trend: Further recovery expected