Silver Futures Index $SILVER (SILVER)

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Silver Continues to Power Higher
By: Christopher Lewis | March 8, 2024

• Silver had another strong week, as we are threatening the $24.50 level. Ultimately, this is a market that I think is ready to break higher, and therefore anytime it pulls back you have to be looking at it as a buying opportunity.

Silver Markets Weekly Technical Analysis

You can see that Silver did rally rather significantly during the course of the trading week to test the $24.50 level. The $24.50 level is an area that I think a lot of people will be paying attention to as it has been a scenario of resistance multiple times, but if we can break above that level on a daily close, then I think we have a shot at the $26 level.

The $26 level, I think, is going to be a very hard ceiling to break. The size of the candlestick is very big and therefore I think it does suggest that you have an opportunity to see a follow through. But that doesn’t mean that it has to happen right away. And in fact, I think it’s probably going to be noisy over the next couple of weeks, but you still have to pay close attention to any value opportunities as an opportunity to get involved.

The $23.50 level I think will continue to be massive support right along with the 50-week EMA. In general, expect volatility and keep your position size reasonable, but we still look very much like a market that you need to be a buyer of, not a seller of. Keep in mind that this is a market that continues to see a lot of volatility, and therefore think we’ve got a situation where you need to be cautious with your position sizing, but ultimately you will see silver continue to rally overall as it has been so strong.

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