Recently, silver prices have retreated to around $75, despite previously showing strong upward momentum. The current market atmosphere appears unpredictable due to daily fluctuations and uncertainties in technical indicators.
What factors have influenced silver prices recently?
According to a report from Investing.com, in the latest trading session, silver prices were at $75.515, having briefly reached $77, but ultimately retreated under selling pressure. Although it temporarily broke through $76.50, it failed to maintain that gain and ended the day close to $75.50. Over the past week, silver prices have slightly decreased by 0.61%, while there has been little change over the past month. However, in the past three months, silver prices have significantly adjusted by 14.43%, whereas over six years, its value has surged by 50.92% and 125.38%, respectively.
“Market experts believe that the recent pullback in silver prices is a correction and emphasize that this weakness occurs within a long-term bullish trend.”
Will the bullish trend in silver prices continue?
Silver prices soared from the $30 to $40 range last year to over $110 at the beginning of this year, and are now fluctuating between $70 and $90. Currently, silver prices are close to $75, testing the lower limit of this range. If it loses support at $70, it could impact its long-term bullish momentum; conversely, if it rebounds to $80, it may aim for the $90 target again.
On TradingView, silver prices are at $75.274, down 0.17% in the last 24 hours. The Bollinger Bands indicate that $76.219 is a resistance level, while support is forming around $75.08. If this support level holds, prices may advance towards $75.65, ultimately challenging $76.21, but low trading volume and selling dynamics may limit the extent of this rise.
The MACD indicator shows persistent selling pressure, with the MACD line at -0.117, the signal line at -0.079, and the histogram reading at -0.038. Analysts emphasize that maintaining above $75 is crucial for a short-term rebound. If it falls below this level, it may test $74, but if it breaks above $76.20, it could trigger a brief upward trajectory.