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Silver Price Forecast – Silver Continues to Look Volatile

By:
Christopher Lewis
Published: Apr 23, 2024, 13:25 GMT+00:00

The silver market has fallen a bit during the session on Tuesday, as we continue to see a lot of noisy behavior in this environment.

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Silver Markets Technical Analysis

Silver has plunged during the early hours on Tuesday, as we continue to see a lot of noisy behavior. That being said, it’s probably worth noting that silver is, of course, a highly manipulated market. Several banks in the past have been fined and charged with doing exactly that and as a result you do have to be very cautious when it gets too expensive. The area between $28.50 and $30 of course is an area that has previously caused a lot of headaches and therefore it doesn’t surprise me at all to see that we have fallen the way we have.

The question now of course is going to be, Can we hang on to $26? If $26 holds out support right along with the 50 day EMA, then you have the real possibility of the market bouncing and offering a trade. That being said, I would think of it as a trade and not necessarily something I want to be invested in. After all, the market is extraordinarily volatile. And again, that $28.50 level has been a major resistance barrier multiple times in the past, so that’s an area that will attract a lot of sellers.

So, with that, I think I’m still going to be in a phase where I am simply observing and waiting to see whether or not we get the balance that I need or the stabilization. Underneath $26 I might even begin to sell silver. However, we would also have to pay attention to interest rates, the US Dollar, and of course, gold markets.

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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