Silver Price Well-Supported. Where To Next?

The hype cycle for silver continues to pick up, despite some short-term fluctuations in price. With silver’s big brother, gold, now experiencing its 8th green week in a row (in $AU), many are looking to silver to see if it can play ‘catch-up’. 

Overall, the trend remains positive, with investors (on the sidelines and heavily invested) keeping a close eye on central bank policy—with expectations that another round of interest rate cuts is close. In today's article, we take a brief look at recent price action and investigate what might be ahead… 

While this alone is seemingly buoying the market, investors should remember silver's dual role as both a precious metal AND an industrial resource. That said, in the near term, the price action and surrounding monetary policy decisions are in the driver's seat. So, let's take a closer look at the recent price action to set expectations for the upcoming week… 

Technical Analysis of the Silver Market 

Silver fluctuated during Thursday's trading session, with the market focusing on closing at the US$32.50 level, which has previously acted as a strong resistance point. The market now appears to be gathering momentum, aiming to break through this barrier. At the time of writing, the price is US$31.78. 

Silver prices have risen for three consecutive days but are still trading under the $32.00 mark, with U.S. Treasury yields limiting further gains. Despite this, silver has managed to hold its ground within the $31.50 to $31.90 range. 

The market's outlook is shaped by various factors, including the possibility of falling global interest rates, which provides support for silver prices. Additionally, silver's industrial demand, especially in green technologies, continues to bolster its value. 

Short-term dips are expected to attract buyers, with strong support seen around the $30 level, which has acted as both resistance and support in the past. The 50-day EMA, currently near $30.33 (blue line above) and rising, adds further reinforcement to this support zone. 

If silver manages to close above the $32.50 level today, it could signal a move towards the $35 mark in the near future. For now, the outlook remains bullish, and there are limited scenarios where shorting silver seems viable. 

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