Silver Futures Index $SILVER (SILVER)

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Silver Continues to Look Good
By: Christopher Lewis | July 5, 2024

• Silver continues to be strong, and it now looks as if we are getting close to another breakout to the upside. The jobs number has shown itself to be stronger than expected, but only slightly. It looks like we will have more of the same behavior.

Silver Markets Technical Analysis
The silver market has shown itself to be rather resilient during the trading session after it initially pulled back. It turned right back around and defended the $30 level. At this point, it does look like it’s going to do everything it can to rally and break out. And if and when it does, I think you’ve got a situation where traders will be looking at this through the prism of trying to play the momentum. Remember, silver is a very momentum driven market.

And as a result, I think a lot of traders will be very interested in trying to get long if we can break above the region that we are currently threatening in the area of $30.75. At that point, I think we probably go looking to the $31.50 level and then eventually the $32 level. Short-term pullbacks should continue to be buying opportunities and silver, I think, has already proven itself to be resilient before Friday.

And now that Friday has had the announcement come out, I think it shows just how possible it is that silver will be a big winner. I would be cautious with position sizing. Silver can be very noisy, but ultimately you cannot be a seller of this market anymore. It’s shown you that it’s not willing to break down. Whether or not we can break above $32 remains to be seen, but it certainly looks like we’re going to try to get there, although I do not know how long it will take at this point.

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