Silver Futures Index $SILVER (SILVER)

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Silver Continues to Find Buyers Regardless
By: Christopher Lewis | March 7, 2024

• Silver markets pulled back initially during the trading session on Thursday, only to turn around and show signs of life again as buyers continue to look for value.

Silver Markets Technical Analysis

Silver initially pulled back just a bit during the trading session on Thursday only to turn around and show buying pressure again. This is a market that I think will continue to be very noisy, but ultimately, I think you also have to look at it through the prism of whether or not we can break above the $24.50 level. That’s an area that has been important multiple times, so pay close attention to it when we get there.

After all, the $24.50 level is an area that a lot of people will be paying close attention to, as it previously has been significant resistance. If we can break above there, then it’s likely that this market takes off to the upside and then goes looking towards the $26 level, which consequently had been a significant swing high from longer-term charts.

I like the idea of buying dips. I certainly would prefer to find a value as opposed to chasing it. But having said that, we also have to look at this through the prism of a market that if we were to break down below the $23.50 level, then you have to worry about whether or not it can hang on to the gains. Anything below there will have to deal with the 50-day EMA as potential support but at the same time, we also have the 200 day EMA in that same neighborhood. So, I think that the downside is probably somewhat limited.

And at this point in time, I still look at this as a buy on the dip opportunity just waiting to happen. Nonetheless, I also recognize that silver is highly sensitive to interest rates in America. And of course, we have the jobs number on Friday, which will almost certainly knock those around. With that being said, I am bullish, but I still would prefer to find some type of value on a dip to take advantage of.

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