Silver Price Forecast: Exploring Resistance at $31.10 High in the Current Market
Current Market Analysis of Silver Prices
Silver price forecast indicates that following a high of $31.10, a significant selling pressure has emerged. Increased market volatility has put silver back into a challenging position as it closes for the day.
Potential Pullbacks Below Key Levels
- A drop below today's low of $30.59 may trigger bearish sentiment.
- This would activate a bearish shooting star candlestick pattern.
- Watch for support around the 50% retracement level at $29.39.
Outlook for Future Breakout Attempts
Despite the current pullback, the silver market may soon see an attempt to break above key trendlines again. Short-term targets for this potential breakout are at $31.43, driven by recent bullish indications.
Monthly Bullish Breakout Analysis
Last Friday's market movements suggest a bullish breakout, signaling the end of a three-month bearish correction.
- Market analysis indicates that silver might rally towards $33.86.
- Continued upward momentum is supported by crossovers of moving averages.
Keep an eye on economic events influencing silver movements through our economic calendar.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.