Silver Price Technical Analysis: June 28, 2024
Silver Price Technical Analysis: June 28, 2024
Key Points and Takeaways:
- Monthly chart: Silver price confirmed bullish breakout intact, long-term outlook positive.
- Weekly chart: Bulls close above $33.00, key resistance level breached.
- Daily chart: Price consolidates above $33.00, momentum needs confirmation.
- 4-Hour chart: RSI remains above 50, short-term buying pressure persists.
Silver Stackers,
Welcome to today’s silver price technical analysis, wrapping up the week of June 24th to June 28th, 2024. The silver market ends the week on a positive note for the bulls. After a period of consolidation and a test of support, the bulls managed to reclaim and close above the key resistance level of $33.00. We’ll analyze various timeframes to understand how this recent price action impacts the short-term and long-term outlook. Remember, technical analysis is just one tool, and should not be used as sole investment advice.
Monthly Chart: Uptrend Still on Track
The monthly chart continues to offer a bullish perspective for long-term investors. The confirmed bullish breakout above the horizontal channel established since November 2023 remains in play. This is a significant development and suggests a potential long-term uptrend for silver.
Weekly Chart: Bulls Score a Win
The weekly chart presents a bullish picture. The bulls closed the week above $33.00 for the first time since June 20th. This is a key development and suggests that the bulls are back in control in the short-term. A sustained move above $33.00 on the weekly timeframe could open the door for a test of even higher levels.
Daily Chart: Consolidation Above Resistance
The daily chart presents a cautiously optimistic picture. The price has consolidated above $33.00 after successfully reclaiming the level. This is a positive sign for the bulls, but they need to show further upward momentum to maintain control. A confirmed break above the recent highs and a test of $34.00 would be a very bullish sign.
4-Hour Chart: RSI Hints at Continued Buying Pressure
The 4-hour chart offers a bullish picture. The RSI has maintained its position above 50, indicating continued short-term buying pressure. This is a positive sign for the bulls and suggests that they are holding onto their recent gains. A sustained move above 55 on the RSI, coupled with a confirmed break above $34.00 on the daily timeframe, would be a very bullish sign.
Looking Beyond the Charts: Focus on Market Catalysts
While technical analysis provides valuable insights, a holistic approach is crucial, especially after a week with a shift in momentum:
- Upcoming Jobs Report: The release of the non-farm payroll data on Friday could significantly impact the market. A strong jobs report could strengthen the US dollar and put downward pressure on silver prices. Conversely, a weak jobs report could weaken the dollar and be bullish for silver.
- Geopolitical Tensions: Keep an eye on ongoing geopolitical tensions around the world. These can sometimes lead to increased demand for safe-haven assets like silver.
Stay Informed, Manage Risk, and Happy Stacking!
By understanding technical analysis, fundamental factors, and market sentiment, you can position yourself to potentially benefit from the silver market’s opportunities. The confirmed bullish breakout on the monthly timeframe, the bulls closing above $33.00 on the weekly chart, the price consolidating above resistance on the daily chart, and the continued buying pressure on the 4-hour chart are all developments to watch closely.
The recent market action highlights the importance of risk management. While the bulls are currently in control, short-term fluctuations are to be expected. Make sure to use stop-loss orders to protect your capital and avoid making emotional decisions based on short-term movements. If you’re a long-term stacker, focus on your stacking goals and maintain a long-term perspective. Remember, the silver market is inherently volatile, and conducting your own research and due diligence is paramount.
