Silver Weekly Price Forecast – Silver Continues to Rally Overall

Christopher Lewis
Published: Apr 12, 2024, 15:12 GMT+00:00

Silver has rallied significantly during the week, as we continue to see a “melt up” in this market.

In this article:

Silver Markets Weekly Technical Analysis

You can see another bullish week for silver, which is now threatening the $29.50 level. This is an area that previously has been significant resistance. And therefore, I think you have to look at this through the prism of whether or not we can continue this. It’s not necessarily a scenario where I would short this market, but buying all the way up here is very difficult to do.

So, with this, I think the $28.50 level will be a support. If we were to break down below there, then it’s likely that we could go down to $26. But I just don’t see shorting this market right now. If we can break the recent highs at basically $30.09, then the market could go much higher. But at this point, it’s just far too dangerous to chase this trade. Chasing a move that has been this aggressive is difficult, because the risk to reward is very difficult to define.

You need some type of pullback in order to find some type of value. The value train left the station at $26, possibly even $24.50. So really, at this point, you’re playing with fire if you’re buying up here. If you’re trying to play the geopolitical situation, then gold is your trade, as the silver market is influenced by the industrial usage demand as well. Also, the “paper silver” market has a long history of being manipulated, so caution is the better part of valor here.

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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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