Silver Price Forecast – Silver Continues to Look For Direction

Christopher Lewis
Published: Jun 24, 2024, 13:03 GMT+00:00

The silver market was rather noisy during the early hours again on Monday, as we tried to figure out which direction we were going to go. That being said, it looks as if we have plenty of support underneath.

In this article:

Silver Markets Technical Analysis

Silver was slightly positive during the early hours on Monday as we continued to fight and try to find some type of support. The massive negative candlestick on Friday was due to an overreaction to inflation numbers in America, which was a bit peculiar considering everybody in America knows there’s inflation, but I digress. At this point, it looks like the markets are trying to recover and the $30 level will be a major area to pay attention to. This makes a lot of sense as the silver market does tend to be very technically driven.

If we can break above the $30 level, especially on a daily close, then silver really could start to take off at that point we could see silver go racing towards the $32 level over the longer term which had previously been tested, but if we fall from here silver will more likely than not take a look at the 50-day EMA underneath for support again, and then the $28.50 level. After that, the $28.50 level was a previous resistance barrier and now should have a lot of market memory attached to it as support.

So, with all things being equal, I think this remains a buy on the dip market, but it is going to be very noisy. That’s really not that difficult to understand with silver because silver is noisy under the best of conditions. And of course, right now everybody is trying to play what if with the Federal Reserve. At this point in time, it’s all about guessing what a handful of people will be doing on the FOMC.

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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