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Silver Price Forecast – Silver Continues to Grind Back And Forth at High Levels

By:
Christopher Lewis
Published: Apr 17, 2024, 13:30 GMT+00:00

The silver market has gone back and forth during the Wednesday session, as we continue to see a lot of froth being worked off in this market.

In this article:

Silver Markets Technical Analysis

Silver rallied a little bit during the trading session here on Wednesday, as we continue to consolidate around the crucial $28.50 level. This is an area that has been important multiple times, and therefore it does make a certain amount of sense that the market will remember that there are a lot of orders here between here and $30.

I do think there’s a lot of noise, and therefore it’s difficult for silver to continue to go higher. The $28 level underneath is an area that has seen a little bit of short term support, and I think you will have to pay close attention to that. But if we break down below there, then it’s likely that we will go down to the $26 level.

The $26 level also features the 50 day EMA racing toward it and therefore I do think there’s a significant amount of support. The RSI has dropped below the 70 level, so that’s a good sign. But right now, I think silver still has quite a bit to do before it can go higher. And it’s worth noting that the $30 level has been a major level going back decades.

So, with that being the case, I do think it’s going to be very difficult to continue going higher. And I prefer to buy silver on some type of dip if I get the opportunity, especially if it would be closer to the $26 level. If we get back to that level and bounce, I suspect there will be massive buying as it will be a classic technical bounce and continuation signal.

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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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