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15 March 2024 | FXGT.com

Silver’s Bullish Momentum meets psychological level.

  • March Bullish Rally: Since the start of March, silver has experienced a notable rally, recording over a 10% gain, and reaching a three-month high.
  • Approaching Critical Level: The rally is now nearing the $26 level, a significant upper boundary of its long-standing range. This proximity to $26 brings the asset close to overbought conditions as indicated by the RSI on the daily chart, highlighting the extended nature of the rally with only brief corrections along the way.
  • Psychological Resistance: Currently, silver is testing a psychological level of $25 with a short-term target outlined at $25.30. The subsequent target is outlined at the December 2023 high of $26. This level has historically posed strong resistance, with the last successful breach occurring in April 2022, while the level was previously rejected during May 2023 and December 2023.
  • Key Support Levels: Identified support levels are at $24.70 and $24, serving as crucial short-term markers for potential rebounds or continuation of the bullish momentum, given any short-term corrections.
  • Monitoring Momentum: The bullish momentum remains strong until clear signals of a structural shift appear. A decline below the $24.95 intraday pivot could act as a first warning sign, while a break below the $24,70 support level could signal a shift to bearish momentum, potentially leading to a further correction towards the $24 level.

Silver 4 Hour Chart.

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