Silver Price Forecast – Silver Continues to Look Very Strong

Christopher Lewis
Updated: Jun 20, 2024, 15:51 GMT+00:00

The silver market continues to see a lot of noisy behavior, as they have seen yet another push higher at this point in time. This is a market that is moving on multiple factors, such as green technology, and reaction to central banks.

In this article:

Silver Markets Technical Analysis

The silver market has broken back above the $30 level during the early hours on Thursday, as we continue to see a lot of buying pressure overall. This breakout happened basically during the Asian session, we just took off and haven’t stopped since. This is a very healthy sign for silver, and it suggests that the bounce from the 50 day EMA is in fact real. And therefore, I think you’ve got a situation where we ultimately go much higher. Now, whether or not we can break out to a fresh new high remains to be seen, but this does look a lot like the pullback that we had just a couple of months ago that also bounced from the 50-day EMA.

Central banks around the world continue to cut rates and that, of course, will be one of the big stories here. And the Swiss cutting rates early in the day, as well as the British, at least holding pat, suggests that we are starting the interest rate cut cycle. So, with that, I think eventually the British join the Federal Reserve, joins the Swiss, and ECB, and Norges Bank, and everybody else to continue to cut and that should help metals.

Furthermore, we have the green technologies out there that will demand a lot of silver. So, the industrial side of this should look okay as well. The $28.50 level should continue to be massive support as it was significant resistance with market memory playing a big role here right along with that 50 day EMA as a floor.

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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