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Silver Price Forecast – Silver Plunges on Thursday

By:
Christopher Lewis
Published: May 30, 2024, 13:13 GMT+00:00

The silver market fell rather significantly during the early hours of Thursday, as we have seen a lot of noise overall. The market has been bullish overall, but at the same time, has to acknowledge gravity sooner or later.

In this article:

Silver Markets Technical Analysis

Silver fell rather significantly during the trading session on Thursday, as it looks like we are going to continue to struggle to stay above the $32 level for a meaningful move. This isn’t to say that we won’t see the market break out above the $32.50 level and continue going higher. It just shows that we are going to have to build up enough momentum to finally take off to the upside. Underneath we have the $30 level that could offer quite a bit of support and I do think that is important to pay attention to as it is not only an area that had been held previously, it’s also a large round psychologically significant figure that a lot of people will be paying close attention to.

The 50 day EMA currently sits at the $28.50 level and is rising. So with that being the case, I think you have to assume that buyers would be more willing than not to come in there as well. Keep in mind that silver is an industrial metal, so it’s not just gold and it doesn’t just follow gold. It has its own scenario that it has to pay attention to. In general, this is a market that I think will continue to attract a lot of buyers on dips as the uptrend should continue to go higher, but we may have some work to do before we can make the next move. Once we do, I would expect to see a lot of momentum back into the market again.

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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