Silver Rates Forecast: Silver (White Metal) traders jostle around the multi-day top while defending $23.00 heading into Thursday’s European session. The bright metal picks up bids to $23.20 by the press time.
That said, silver rates jumped the most since mid-December the previous day after crossing a downward sloping trend line from November 16.
Although bullish MACD signals join the previous resistance break to favor buyers, a convergence of the 100-DMA and a seven-week-old descending trend line challenges the silver bulls around $23.30.
It’s worth noting that the last monthly peak near $23.45 acts as an extra hurdle to the north before directing the buyers towards the $23.00 threshold.
Meanwhile, pullback moves may aim for the resistance-turned-support line near $22.95.
However, any further weakness will recall the silver sellers targeting the early December peaks near $22.60 and the monthly low near $21.95.
To sum up, silver rates are likely to stay firmer but need validation from $23.30.
