Silver Futures Index $SILVER (SILVER)

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Silver Continues to Find Buyers on Dips
By: Christopher Lewis | January 19, 2024

• Silver initially fell during the week but has found a little bit of buying pressure above the crucial $22 level yet again.

Silver Markets Weekly Technical Analysis

Thesilver market initially fell during the week, but we continue to find buyers underneath who are attracted to this market. The $22 level underneath is a large round number that a lot of people will be paying attention to, and an area where we’ve seen buyers in the past anyway. Furthermore, we have the 200-week EMA in that same region, so I do think that it is probably only a matter of time before we go higher. If we can break above the 50-week EMA, then it opens up a move towards the $24.50 level, possibly even the $26 level. In general, this is a situation where every time we drop, it is just an opportunity to pick up cheap silver.

If we were to break down below the $22 level, then it’s possible that we could go down to the $21 level. But right now, I think we could be carving out more of the same type of consolidation that we’ve seen so much of in the last several years. This could be the fourth year in a row that we carve out a range. Right now, it looks like $22 on the bottom and $26 on the top, and that does tend to get tested and occasionally broken through, but if you look at the lines on the chart, you can see clearly these are two levels that have mattered for quite some time. All things being equal, I am bullish on silver, but I recognize that there are a lot of moving pieces at the moment, and therefore we will continue to see a lot of volatility here.

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