Silver Futures Index $SILVER (SILVER)

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Silver Continues to See Support
By: Christopher Lewis | May 24, 2024

• Silver continues to see a lot of noisy behavior, as the market will continue to look at the inverse correlation between interest rates and silver pricing in general.

Silver Markets Technical Analysis

Silver rallied just a bit during the trading session on Friday as it looks like we are trying to stabilize a bit after that massive sell-off. At this point a lot of this is going to come down to whether or not interest rates are rising or falling and we did see them spike just recently. However, this is a market that continues to see a lot of volatility, and perhaps danger if you are not careful at this point in time.

That being said, the market is likely to continue to see the uptrend come into play because quite frankly, this is a market that is basically momentum driven. At this point, I suspect that a lot of people are going to jump in and try to take advantage of cheap silver as the market has clearly leaped well above the $30 level. With that being the case, I think this is a market that value hunting has reentered and now it looks like the $32 level might be the next target.

The Relative Strength Index is now well below the $70 level, so I think a lot of people will get involved based on that. Underneath, I see the $28.50 level underneath as a major support level. Even if we break down below the $30 level, the 50-day EMA is starting to reach towards the $28.50 level, so that of course is worth paying close attention to as well. In general, this is a market that I think continues to find buyers on dips until something truly changes as far as the fundamentals are concerned.

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