Both gold and silver surged recently, ignoring the USD strength, but it looks like silver is running out of steam, having failed repeatedly at the 200-day moving average.
At the time of writing, silver was down slightly on Friday, trading at around 24.75 USD.
The 200-day average stands at around 25.30/25.40 USD, where the current cycle highs are located. Moreover, silver looks overbought on the daily chart. The MACD indicator is about to send a sell signal at an elevated level, usually a valid indication of a possible bearish reversal.
Therefore, the primary swing resistance stands at the mentioned 25.40 USD level. If silver jumps above it, further gains toward 26.50 USD could occur, and the medium-term would be confirmed in that case.
Alternatively, the support could be found at 24.50 USD, where previous lows are. If the price drops below that zone, we might see a quick decline to the ascending trend line, currently near 24 USD.
Silver and gold had many months of massive printing and low rates to start a meaningful bull market. So far, they have failed miserably, underperforming other commodities or stocks. It is hard to see silver rallying in times of rising rates, but what do we know? Anything can happen.