The price of Silver had a smooth bullish run post-Covid. The support level of Silver in March 2020 was $11 per ounce. Price rallied to reach $29 per ounce in August 2020. After Silver’s price hit $29, it has since been consolidating. That is to say, Silver’s price has been ranging between $21 and $29. This range has spanned from August 2020 till now.
In March 2021, a rally occurred that pushed the price to $30 per ounce, but the momentum wasn’t sustained and the price reverted back into the range. In March 2022, we published an article where we forecasted that Silver’s price rally (and the rally of other commodities) will not be sustained. On March 7, 2022, Silver’s price was at $25.555 per ounce.
Just as our analysts forecasted, the rally was only able to push the price to $26 after which it began to fall and at the close of May 10, 2022, it was at $21.172. From a technical standpoint, RSI shows that the price has been oversold on the daily time frame. The bearish run might still continue as Silver’s price could reach $20 per ounce.
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