Silver has been anything but calm lately. The silver price ran up to around $121 in January, then dropped fast in early February. 

Since then, March has been all about trying to settle down. Most of the time, price has just been moving between $80 and $95, jumping up and down as traders react to news and whatever is happening in the market.

A big part of March’s bounce wasn’t fresh buying, it was short sellers closing positions. That’s why the rallies have felt fast but not very strong underneath. 

However, physical demand has stayed tight, especially after China restricted silver exports earlier this year, which continues to limit global supply.

In addition, global tensions, especially in the escalating tensions between the US and Iran, have also provided support to the price of silver.

In times like this, investors generally look to invest in safe-haven assets. However, due to a rising US dollar and increasing bond yields, it has become difficult for the price of silver to move upwards in this manner.

Overall, March has been more of a “reset” phase. The market is trying to find a solid base after the explosive move earlier this year, rather than continuing straight up.

We took a look at the daily chart and the silver price is trading around $69.78, and the structure has clearly shifted from bullish to corrective. After that quick rejection from the highs, the price has been creating lower highs and lower lows, which is a classic indicator that the momentum is losing steam.

The 30-day moving average is now acting as dynamic resistance, sitting above the price and pushing it down every time it attempts to recover. This is a clear indicator that the sellers are in control in the short term.

The latest movements in the silver price, however, do seem to indicate that the market is attempting to find stability. The quick fall to the mid-60s was quickly bought up, and now the silver price is sitting just below the $70 mark.

The RSI is sitting around the low 40s. This is below neutral but not quite oversold. This is a good point to note since it indicates that the market is not quite exhausted. This suggests there might be another move down before a good bounce.

Earlier in the year, RSI was consistently pushing into overbought territory during the rally. Now, it’s doing the exact opposite, staying weak while failing to break above 50. This is usually the case when the market is transitioning from bullish momentum to consolidation or a deeper correction.

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For now, the silver market is sitting at a level, and this week could go either way based on the reaction of the price in the $70 region.

If the buyers come in and drive the silver price above $75, the $80 level could be reached very quickly. A stronger breakout above $82–$85 would open the door for a retest of the $90 zone.

On the downside, if $68–$70 fails to hold, the next support sits around $65. Below that, the market could revisit the $60–$62 range, where stronger buying previously came in.

For now, the most realistic scenario seems to be choppy movement between $65 and $80 as the market builds a base. A clean breakout in either direction will likely determine the next move in the silver price.

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The post Here’s How High Silver Price Could Go This Week appeared first on CaptainAltcoin.

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