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Silver Flips Resistance Into Support

Written By: ChartChamp

August 1, 2024

SLV has been neutral since April 8. There was a strong overshoot above the green resistance line around $27.31, but SLV failed to stay above the $27.31 price target. Instead, SLV has retested the red resistance line, and is flipping this resistance line into support. This red line is a very important long-term resistance line that has suppressed SLV’s price for the past 12 years. I think SLV will make another attempt to break above $27.31 over the next few weeks.

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