Silver Weekly Price Forecast – Silver Continues to Toss Traders Around

Christopher Lewis
Updated: Jun 23, 2024, 05:45 GMT+00:00

The silver market has been all over the place during the course of the trading week, which quite frankly is not a huge surprise as this is a very difficult market to trade. Realistically, retail traders have no business being involved.

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Silver Markets Weekly Technical Analysis

Silver has been all over the place during the week and Friday only intensified a lot of the nonsense as PMI numbers came out hotter than anticipated. Traders dumped positions rather rapidly for the US dollar. The idea that the Fed may not cut between now and the end of the year, I don’t think’s a very novel one, but clearly the machines thought otherwise. With that being the case, we’re still very much in an uptrend, and it wouldn’t surprise me at all to see this market close back above the $30 level in the short term.

If and when it does, I think that brings more momentum and more FOMO into the market. We certainly saw that during the early part of the Friday session. Keep in mind that Wednesday was Juneteenth, so it was a holiday in the United States, and that has massive implications for the futures markets, which obviously has massive implications for spot silver, et cetera. So with that being said, I still think this is a buy on the dip market. Silver is probably going to be more of a second choice behind gold, but at the end of the day, I still think silver has an opportunity to rally quite a bit from here.

The $32 level above would be your target eventually, and the overreaction may dampen some of the enthusiasm, but overall, this is a market that’s still very bullish. Underneath, we have the $28.50 level offering potential support, and there should be a lot of market memory there. If we were to break down below there, things could get ugly, but right now, as I watch the market, the algos are throwing the markets around and it’s basically just short-term panic. We’ll see whether or not it holds.

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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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