Silver Prices Rebound After Dropping Near Half of Record High

Silver prices recently rebounded after falling to $61.00 on March 23. This price point was near the December 9 low of $60.67. It also represented about half of its record high, which reached $121.67 on January 29.

Earlier, speculative buying drove silver from $60.67 on December 9 to its January 29 top. On March 2, prices initially rose to $96.43 but then fell 4.74% by day’s end. Traders observed selling during rallies on March 2 and March 10.

Some traders view the drop to $61.00 as a buying opportunity. They see value at this level. The 200-day moving average offers long-term support at $57.82. Short-term resistance lies at the 50-day moving average, priced at $85.47.

The mid-point between these moving averages is $71.65. This level could indicate if the rally continues or if prices retreat. Traders are now bidding, a change from previous speculative momentum that took out offers daily.