Silver Tests Critical $32.5 Resistance: Breakout or Rejection?

Today, we focus on silver, which is currently challenging a major resistance zone around $32.5 per ounce. This blue resistance area has repeatedly stopped price advances in recent sessions, acting as a strong barrier for further upside.

Just yesterday, silver tested this resistance but failed to break through, and once again, during the Asian session, the price was rejected at this level. Historically, this February resistance has played a critical role, halting silver’s upward momentum on February 5th and 7th. This repeated price behavior confirms that $32.5 is a strong supply zone, making it a crucial level to watch.

Trading Scenarios:

• A daily close above $32.5 would generate a strong buy signal, confirming a breakout and likely leading to further bullish momentum.
• On the bearish side, if silver fails to break through and starts retreating, particularly if it also breaks the orange dynamic support, this would trigger a sell signal, signaling a potential downside correction.

For now, all eyes remain on this resistance zone, as the next move will determine silver’s short-term trend. A breakout could fuel a continued rally, while a failure to hold above could result in profit-taking and a short-term pullback.

Source: https://www.axiory.com/analytics/technical-analysis/silver-tests-critical-32-5-resistance-breakout-or