Silver Futures Index $SILVER (SILVER)

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Silver Continues to Show Erratic Behavior
By: Christopher Lewis | May 31, 2024

• Silver continues to be very noisy on Friday, as the market is trying to build up enough pressure to finally break even higher. At this point in time, the $30 level is a floor in the market.

Silver Markets Technical Analysis

Silver has been very noisy during the trading session on Friday as we continue to just go back and forth and look for some type of momentum. As we continue to chop back and forth the only thing that really seems to be certain is that you cannot be a seller of the market.

All things being equal, this is a market that I think will continue to try to find its footing and break out to the upside. And we’ll also pay close attention to the $30 level as a major floor in the market. After all, it is a large round psychologically significant figure and an area that had previously seen a lot of selling pressure at. So, with that being the case, I think you have to look at this through the prism of whether or not you can find any real footing underneath and continue to go higher. I do think given enough time, that’s exactly what happens.

But ultimately, I think short-term traders will probably continue to take precedence here. This is a market that quite frankly, has to work off a lot of froth and that’s exactly what’s going on. So you have to be cautious. You have to keep your position size reasonable. And therefore, you have to look at this through the prism of buying little bits and pieces every time they drop, but not necessarily getting too big. Because the one thing about silver is it can turn around in the blink of an eye and cause massive amounts of damage to your account. That being said, I do think it goes higher over the longer term.

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