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Tuesday, 02/13/2024 10:33:31 AM

Tuesday, February 13, 2024 10:33:31 AM

Post# of 3884
Silver Continues to See Noisy Support
By: Christopher Lewis | February 13, 2024

• Silver continues to see a lot of volatility at this point, with the Tuesday session being bullish as well. The silver market doesn’t look ready to break out of the well-defined range that we have been in for some time.

Silver Markets Technical Analysis

Silver has rallied a bit during the early hours on Tuesday as we continue to consolidate overall. What I do see is that the silver market looks as if it is trying to form a massive W shaped pattern, suggesting that the $22 level will continue to be massive support. This is an area that has been important several times in the past, and I think will continue to attract a lot of attention from traders around the world.

Just above, we have the 50 day EMA and the 200 day EMA as well. With that being the case, it does make a certain amount of sense that we could run into a little bit of trouble. However, if we break above the $23.50 level, then the market could go another $1 above to reach the $24.50 level, and then perhaps even the $26 level.

Underneath, if we were to break down below the $22 level, it does open up a move to the $21 level, an area that we did visit in September of 2023. However, I do think that the $22 level is more or less the bottom of the larger consolidation area that we will be in, and therefore, you have to look at it through that prism. This market will continue to be rangebound this year, as we often see in silver.

I don’t have any interest in shorting silver. I think that any pullback at this point in time, more likely than not, will represent some type of value. And you should keep in mind that the silver market is highly influenced by interest rates, which going lower does help lift silver. But at the same time, it’s also a play on the industrial demand and perhaps even a little bit of a safety play, not as much as gold, but some people will run to silver to protect their wealth in uncertain times. And let’s face it, we have a lot of uncertainty when it comes to geopolitical events right now.

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