Silver Price Forecast – Silver Continues to Look Supported Despite Holiday

Christopher Lewis
Updated: Jun 19, 2024, 18:16 GMT+00:00

The silver market continues to look like there are buyers underneath, although it is worth noting that the Wednesday session was Juneteeth in the USA, meaning that a lot of the liquidity in the futures market wasn’t present.

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Silver Markets Technical Analysis

Silver has gone back and forth during the course of the early hours on Wednesday, but keep in mind it was Juneteenth in the United States, so what you are seeing here is electronic overnight trading and CFD trading. So, the liquidity isn’t quite there. Nonetheless, we can still look at this chart as a totality of the market. And certainly, it looks like we are finding quite a bit of support, especially near the 50 day EMA, which is right around the $28.75 level or so.

Underneath, we have the $28.50 level, which should offer a significant amount of support as it has in the past, and also had offered resistance. So, one thing’s that there would be quite a bit of market memory there. To the upside, the market sees the $30 level as a bit of a resistance barrier. And if we can break above it, then I think silver can truly start to take off.

The market breaking above the $30 level, especially at a daily close, opens up the possibility of a move back to the $32 level. Keep in mind that silver is in high demand for green technologies, but we also have the precious metals component as traders are concerned about profit get spending, profit get borrowing, war, uncertainty in central banks, and of course central banks are buyers of gold, maybe not so much of silver but it does have a little bit of a knock-on effect. At this point, I still believe in buying short-term dips based on value.

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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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