Silver Price Forecast: Pullback Toward $44 Support
- Ian Cooper notes silver is facing resistance around $50, stalling the recent rally. The metal can’t seem to break through this ceiling right now. Gold’s weakness is adding to the pressure, as precious metals often move together.
- Silver sits at roughly $48.15, down 1% today. After touching $54.46, it’s pulled back sharply—showing exhaustion at the highs. The chart shows clear signs that buyers are taking a breather after the aggressive move up.
- Cooper expects a further drop before any bounce: “There’s horizontal resistance right where it is now… I expect it to drop a bit further before getting much of a bounce.” He sees $44.22 as the likely support zone and a possible buy opportunity for day traders.
- The RSI fell from overbought territory (near 87) down to about 51, confirming the correction is underway. When RSI drops this fast, it usually means the market needs to cool off before the next move. This supports the case for a dip to $44.
- Both metals are under pressure from dollar strength and shifting inflation views. When the dollar rallies, precious metals typically get hit. Still, pullbacks like this often set up the next leg higher once things settle. Corrections are healthy—they shake out weak hands and give new buyers a chance to enter at better levels.
English