Silver Price Forecast – Silver Continues to See Support

Christopher Lewis
Published: Apr 24, 2024, 13:43 GMT+00:00

The silver continues to see a bit of support at this point, as the markets are trying to stabilize after a massive fall.

In this article:

Silver Markets Technical Analysis

You can see that silver has gone back and forth during the trading session on Wednesday, in the early hours, as it looks like we are trying to remain somewhat stable at this point. A break above the hammer from the candlestick of the previous session does suggest that we probably continue to go higher, but that doesn’t mean that it’s going to be easy.

After all, silver is notoriously volatile and therefore you need to be very cautious with it. Underneath, we have the bottom of the hammer from the Tuesday session that could offer support near the $26.75 level, but we also have the $26 level, which in and of itself could be very important for support. After all, this is an area that previously had been massively resistive.

So, a little bit of market memory probably comes into the picture at that point. Keep in mind that silver is not just a precious metal, but it is also an industrial metal. So, there are some of that to pay attention to as well. Ultimately, I think this is a market that continues to go higher to try to reach the $28.50 level, but whether or not we can accomplish that easily, well, that’s going to be a completely different story, obviously.

With that being said, I like the idea of perhaps taking advantage of short term dips that offer value, if you will. But really, at this point in time, it’s a very difficult market to get big in. After all, you could get wiped out rather quickly. Silver has been like a graveyard for a lot of aggressive traders over the years. That being said, a small positive position might work out here though.

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.

Did you find this article useful?