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Friday, 02/16/2024 10:47:49 AM

Friday, February 16, 2024 10:47:49 AM

Post# of 3889
Silver Hanging on to Bottom of Range
By: Christopher Lewis | February 16, 2024

• The silver market has initially fallen during the trading week to reach down to the crucial 200-Week EMA and the $22 level, an area that has been visited multiple times in the past.

Silver Markets Weekly Technical Analysis

Silver initially fell during the trading week to reach down to the $22 level, only to turn around and bounce significantly. That being said, the market is currently restrained by the 50-week EMA, so I think that does come into the picture, but given enough time, I don’t see why we don’t break above there.

When you look at the longer term picture, we are in the bottom part of the chart that we had been bouncing around multiple times over the last several years. We’re just simply at the bottom of the range of normalcy. Because of this, I think there are plenty of value hunters out there willing to get involved. And therefore, if we can break above this 50 week EMA, I think the next target will be the $24.50 level, and then eventually the $26 level.

If we were to break down below the $22 level, then right around $21, we see a lot of technical support and resistance, thereby leading to a lot of market memory. And I think that’s about as far as we drop. Keep in mind that silver is highly sensitive to interest rates, it’s highly sensitive to the value of the US dollar, and of course, unlike gold, it’s a lot more of an industrial metal. A lot of green technology uses silver, so that’s something to keep in the back of your mind as well.

I like the idea of buying dips, but if you’re a longer term swing trader, this week and the previous couple of weeks have been a sign that perhaps we could be bouncing given enough time and enough patience.

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