Silver Weekly Price Forecast – Silver Continues to See Noise

Christopher Lewis
Published: May 24, 2024, 15:52 GMT+00:00

The silver market has been very negative at points in time this past week, and it looks like we will continue to see volatility, and therefore you need to be cautious.

In this article:

Silver Markets Weekly Technical Analysis

Silver initially shot higher again during the course of the week but then turned around to sell off quite drastically. The $30.50 level seems to be an area that is a bit of a magnet for price so it’s not a huge surprise to see that we are hanging around this area. With that being said, I think this is a market also that continues to see a lot of buy on the dip attitude as the $30 level being broken up to the upside of course is a very positive turn of events.

Underneath us we have the $28.50 level potentially offering significant support as well. So, I have no interest in shorting Silver, at least not as things stand right now. Ultimately the $32 level was a bit too much, but we had gotten overbought on the relative strength index anyway.

So, it all kind of comes together for just simple profit taking. I do think we are going higher and paying attention to interest rates will probably continue to be a major kind of situation that you have to follow in this market. And with that being said, I believe that you will be value hunting, and you are not necessarily worried about the fact that we have broken here, and we may be a little stretched. So, what we need is short-term support in order to push higher. If we can break above the $32 level, it’s possible that we could go looking to the $35 level above. Pay attention to interest rates, there is a negative correlation.

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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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