Silver Futures Index $SILVER (SILVER)

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Silver Continues to See Volatility
By: Christopher Lewis | April 8, 2024

• Silver continues to see a lot of noisy behavior as we have seen a lot of upward pressure over the last several weeks.

Silver Markets Technical Analysis

Silver initially fell during the trading session on Monday but then turned around to show signs of strength again. All things being equal, it certainly looks like we are trying to break out to a much bigger move and a lot of people are looking for $30. For myself, I believe that the $28.50 level is going to be a significant amount resistance and if we could break above there, we could go to the $30 level.

In the meantime, you have to assume that short-term pullbacks are buying opportunities. The $26 level underneath should be a significant amount of support, but I think given enough time, this is a market that I think you have to look at very carefully due to the fact that it has been over stretched that silver is going to snap back sooner or later.

If you’re playing the geopolitical situation around the world, gold’s going to be your better trade, but both the gold market and the silver market are both way overdone. Although on the reading, you could actually make an argument that silver isn’t as overbought as gold, but I digress.

Silver isn’t quite the geopolitical metal that gold is. I think you have to look for a pullback before you get involved. If we were to break down below the $26 level, it could show that silver is settling down again finally, but right now, this is a very dangerous market, and therefore you need to be cautious about your position size, as it is the only thing that you can control overall.

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