403
Sorry!!
Error! We're sorry, but the page you were looking for doesn't exist.
Silver Prices Break Above Key Resistance As Recovery Gains Momentum
(MENAFN- The Rio Times) Technical analysis data from TradingView reveals silver prices have pushed through important resistance levels, trading at $32.60 per ounce as of April 16, 2025.
The precious metal shows renewed bullish momentum after consolidating for several days around the $32.40 mark. Silver has established a clear recovery pattern since its dramatic plunge in early April when prices collapsed from $34.00 to nearly $28.50.
The upward trajectory gained steam yesterday afternoon as buyers defended support at $32.30 before pushing prices higher overnight. Trading volumes have increased notably during this latest move upward.
The technical picture now appears increasingly positive. Silver has formed a series of higher lows and higher highs since bottoming on April 4. Moving averages are beginning to align in a bullish configuration, with shorter-term indicators crossing above longer-term lines.
The price now trades comfortably above both the 50-period and 200-period moving averages on the hourly chart. Momentum oscillators show room for additional upside before reaching overbought conditions.
Silver's Bullish Outlook
The current price action forms what technical analysts call a "cup and handle" pattern, typically considered a bullish continuation signal. Resistance around $32.80 represents the next hurdle for silver bulls.
Market fundamentals continue to support silver's recovery. Industrial demand remains robust, particularly from the renewable energy sector where silver serves as a critical component in photovoltaic cells.
Electronics manufacturers have increased procurement ahead of potential supply disruptions from upcoming tariff implementations. Investment demand has strengthened as inflation concerns persist despite central bank rhetoric.
Physical silver holdings in exchange-traded products have grown steadily over the past week, reversing the outflows seen during the early April price collapse.
Mining output constraints from major producers in Latin America have contributed to tightening supply fundamentals. Several large miners reported lower-than-expected production figures for Q1 2025, creating concerns about meeting annual targets.
The gold-to-silver ratio has compressed to 72:1, down from 78:1 two weeks ago, suggesting silver continues to outperform gold on a relative basis. This ratio compression typically occurs during periods of industrial growth and economic optimism.
Looking ahead, silver faces immediate resistance at $32.80, with more significant barriers near the $34.00 level where previous selling emerged.
Support has been established at $32.30, followed by stronger buying interest around $31.10. Technical indicators suggest the path of least resistance remains upward as momentum builds.
The price recovery reflects improving sentiment among traders who view silver's industrial applications and monetary characteristics as increasingly valuable in the current economic climate.
The precious metal shows renewed bullish momentum after consolidating for several days around the $32.40 mark. Silver has established a clear recovery pattern since its dramatic plunge in early April when prices collapsed from $34.00 to nearly $28.50.
The upward trajectory gained steam yesterday afternoon as buyers defended support at $32.30 before pushing prices higher overnight. Trading volumes have increased notably during this latest move upward.
The technical picture now appears increasingly positive. Silver has formed a series of higher lows and higher highs since bottoming on April 4. Moving averages are beginning to align in a bullish configuration, with shorter-term indicators crossing above longer-term lines.
The price now trades comfortably above both the 50-period and 200-period moving averages on the hourly chart. Momentum oscillators show room for additional upside before reaching overbought conditions.
Silver's Bullish Outlook
The current price action forms what technical analysts call a "cup and handle" pattern, typically considered a bullish continuation signal. Resistance around $32.80 represents the next hurdle for silver bulls.
Market fundamentals continue to support silver's recovery. Industrial demand remains robust, particularly from the renewable energy sector where silver serves as a critical component in photovoltaic cells.
Electronics manufacturers have increased procurement ahead of potential supply disruptions from upcoming tariff implementations. Investment demand has strengthened as inflation concerns persist despite central bank rhetoric.
Physical silver holdings in exchange-traded products have grown steadily over the past week, reversing the outflows seen during the early April price collapse.
Mining output constraints from major producers in Latin America have contributed to tightening supply fundamentals. Several large miners reported lower-than-expected production figures for Q1 2025, creating concerns about meeting annual targets.
The gold-to-silver ratio has compressed to 72:1, down from 78:1 two weeks ago, suggesting silver continues to outperform gold on a relative basis. This ratio compression typically occurs during periods of industrial growth and economic optimism.
Looking ahead, silver faces immediate resistance at $32.80, with more significant barriers near the $34.00 level where previous selling emerged.
Support has been established at $32.30, followed by stronger buying interest around $31.10. Technical indicators suggest the path of least resistance remains upward as momentum builds.
The price recovery reflects improving sentiment among traders who view silver's industrial applications and monetary characteristics as increasingly valuable in the current economic climate.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Most popular stories
More Story
Comments
No comment