Silver reaching for the skies. Currently trading at around $25.30 with the next major resistance sitting at $26.22. $26.22 was last seen on April the 18th 2022.

From a technical viewpoint, silver is currently trading at around $25.30 an ounce. We can see a steep bullish trend heading for the price level seen similar time last year. A spike on April 18^th of 2022 recorded a price of $26.22, this will be the next tough resistance for silver. A break and close above this price level could see the price of silver climb higher towards the price range of $26-$27, also recorded last year. However, taking a look at the bottom of the chart we can see the commodity is heavily ‘overbought’ based on the RSI indicator, with the MACD running out of momentum. Hence, this may be an indication of some short-term retracement before potentially grinding higher. Towards the downside, support is sitting at $25.04 then at $24.56. A fall and close below $24.56 may even test the support level at $23.57. As already mentioned, MACD remains positive but losing traction with RSI suggesting overbought conditions as it reads 77.