Silver gain value by close to %40 since early September with a massive rally. 2023 demand projections and more dovish central bank expectations are two of the most important reasons behind that. But now, the momentum seems to slow down for the moment. The price is close to the post-covid trend channel’s upper line which is slowing the upside pressures. The main support and resistance seem %61.8 and %76.4 Fibonacci retracement levels of the precious rally.
Silver might need additional support from the dollar index and slowing inflation if new highs to happen. Otherwise, the recent flat move could be a distribution period for the short-term market cycle. For upward moves, 24.73 and 25.34, and for the downward moves, 23.36 and 23 could be followed as support and resistance.
