Silver Price Forecast – Silver Continues to Be Very Noisy

Christopher Lewis
Published: Jun 11, 2024, 13:40 GMT+00:00

The silver market continues to see a lot of noisy behavior on Tuesday, as the markets are trying to position themselves in the silver pits ahead of the massive FOMC meeting coming on Wednesday.

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Silver Markets Technical Analysis

The silver market has fallen a bit during the early hours here on Tuesday but it does look like it has a lot of support underneath, especially near the 50-day EMA and the $28.50 level. This is a market that I think given enough time will bounce, but we’ve got some things to get through first. We had that really strong jobs report come out on Friday that sent the market plunging. And then of course we have the FOMC coming out on Wednesday, and perhaps more importantly, the press conference. So, we’ll see how this plays out.

If we can recapture $30, I think that’s a very bullish sign. Otherwise, I’m looking for an opportunity underneath to start buying as well. If we break below $28.50, that could be the beginning of the end for the uptrend. Keep in mind silver is very volatile and you need to be cautious with your position sizing, but it’s still most certainly in an uptrend at this point.

Because of this, I have no interest whatsoever in trying to short this market, at least not yet. We would have to see another series of negative moves to truly drive this shorting move home, breaking below the $28.50 level at the least. Once that happens, it looks like we will continue to see a run from the market, which is something that silver is notorious for, as we have seen several times in the past.

For a look at all of today’s economic events, check out our economic calendar.

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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