Between 2014 and 2020, Silver ranged between $11 and $21 per ounce. A breakout of the 6-year resistance occurred as a result of the ease of lockdown in the second half of 2020. This breakout led to Silver rallying to $29 per ounce.
Since the rally to $29 in July 2020, the bulls have found it difficult to get Silver to exceed that $29 mark. The bears have continued to dominate the charts and price was pulled down to $17 in late August 2022. The last time the price of Silver was $17 was in July 2020.
Silver’s current support level is $17. A bounce from this support level occurred early in September 2022 and price is now at $21. We might be seeing Silver lose a few points in the coming weeks and the commodity could fall to $19 per ounce.
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