Spot Silver Forecast: Silver price remains mildly bid around the eight-month high as it reverses the previous day’s pullback by rising to $24.40 during early Thursday.
In doing so, the bright metal justifies firmer MACD signals and the bullish moving average crossover, also known as the Golden cross. That said, the 50-DMA pierces the 200-DMA from below, which in turn suggests the short-term upside of the Silver price.
It’s worth noting, however, that a downward-sloping resistance line from February 2021, around $24.80, appears a tough nut to crack for the White metal bulls during the quote’s further upside.
In a case where the commodity prices rally beyond $24.80, the Silver buyers can easily aim for the yearly high marked in March at around $27.20. That said, April’s peak of $26.30 may act as a buffer during the run-up toward $27.20.
On the contrary, pullback moves may aim for the $23.00 round figure before directing Silver bears toward the previous weekly low of $22.55.
Following that, June’s high near $22.51 could act as the last defense of the Silver buyers.
Should the metal price drop below $22.51, the monthly bottom surrounding $22.00 will be in focus.