Silver has enjoyed a significant run this month. In just 14 days, it rose to 23.50 from near 20, with a surge of more than 18%. However, now the momentum seems to be slowing down. Banking turmoil and an increase in the expected FED rate cuts are the main reasons for the impressive run. The turmoil seems to have eased a bit with the strong liquidity support and bank purchases of Credit Suisse and Silicon Valley Bank. ECB and FED members are also giving hawkish signals, causing the silver’s momentum to fall. Furthermore, 23.52, which is the Fibonacci 76.4% level of the February top to March low, is creating a big resistance. RSI had a big triple top divergence at the 4-hour timeframe and is now testing 50. On top of all these, depending on the perspective, the upward wedge formation (red dashed lines), which is usually a good sell signal, is also broken.

Despite the numerous sell signals, one support is still holding the price, which is 22.82. Supported with a 34-bars moving average, until the support is broken, upward pressure will continue to exist. Moreover, despite the easing, banking risks are still in play. But a breakdown of this support could lead to a change in trend for the short to medium term.