Silver Futures Index $SILVER (SILVER)

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Silver Continues to Consolidate in a Huge Range
By: Christopher Lewis | June 3, 2024

• Silver has fallen in the early hours, only to turn around and show signs of strength. With this, the market will continue to consolidate from what the early hours are telling us.

Silver Markets Technical Analysis

Silver initially pulled back just a bit during the trading session on Monday to test the $30 level again, an area that of course is a large, round, psychologically significant figure that will attract a lot of attention. It has held and since then we have rallied somewhat strongly. At this point I do believe you have a scenario where traders will continue to look at each pullback as a potential value play and probably continue to look at an attempt to get to the $32.50 level as a challenge if you will.

If we can break above there then it is likely that we will continue to see the movement to the upside perhaps drag out to the $35 level. Underneath we have a lot of support near the $30 level but we have even more at $28.50 where the 50-day EMA currently resides.

With all of this being said I think you probably have a noisy but somewhat positive outlook on this chart. And I think that you will continue to see this as a scenario where the shorting is impossible and it’s all about trying to find value. Eventually, we will have to pay attention to interest rates in the United States as well as the US dollar in general, that of course has its own influence on this pair and I do think that will continue to be the case. So no interest in shorting, at least not anytime soon, but if we do then I will just look at this $28.50 level as the next opportunity to buy silver.

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