Silver Price Technical Analysis: July 17, 2024
Silver Price Technical Analysis: July 17, 2024
Key Points and Takeaways:
- Monthly chart: Silver price confirmed bullish breakout intact, long-term outlook bullish.
- Weekly chart: Weekly close in focus, will bulls hold $35.00?
- Daily chart: Price rebounds slightly, potential retest of resistance or deeper pullback.
- 4-Hour chart: RSI remains below 50, short-term buying pressure subdued.
Silver Stackers,
Welcome to today’s silver price technical analysis, diving into the silver market on July 17th, 2024. After a surprise pullback yesterday, the silver market experiences a modest rebound. The bulls are attempting to regain their footing after failing to overcome the resistance zone around $37.00-$38.00. Today’s price action will be crucial in determining the short-term direction of silver. We’ll analyze various timeframes to understand how this recent price action impacts the outlook. Remember, technical analysis is just one tool, and should not be used as sole investment advice.
Monthly Chart: Uptrend Still in Place, But Watch Weekly Close
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. However, how the bulls close out the week on the weekly chart will be important for gauging the immediate sentiment.
Weekly Chart: Bullish Momentum Needs Defense
The weekly chart presents a mixed picture. The weekly close at the end of the trading day will be a key indicator. A close above $35.00 would help maintain the bullish momentum on the weekly timeframe. Conversely, a close below $35.00 could indicate a potential shift in sentiment and a deeper pullback.
Daily Chart: Bulls Look to Rebound or Retest Resistance
The daily chart presents a cautiously bullish picture. The price has rebounded slightly from yesterday’s lows. This is a positive sign for the bulls, but they still have work to do. A confirmed break above $37.00 would be a bullish sign and could lead to a retest of the resistance zone at $37.00-$38.00. However, a sustained move below $35.00 could indicate a deeper pullback on the daily timeframe.
4-Hour Chart: Short-Term Buying Pressure Muted
The 4-hour chart offers a neutral picture. The RSI remains below 50, indicating that short-term buying pressure is still subdued. A sustained move above 50 on the RSI would be a bullish sign for the near term.
Looking Beyond the Charts: Monitor Key Events
While technical analysis provides valuable insights, a holistic approach is crucial, especially during volatile periods:
- Upcoming Retail Sales Data: The release of key retail sales data later this week could impact the market. Strong retail sales data could indicate a strengthening economy, potentially leading to a stronger US dollar and putting downward pressure on silver prices.
- 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 weekly close in focus with $35.00 being a critical level, the price rebounding slightly with a potential retest of resistance or a deeper pullback on the daily chart, and the muted short-term buying pressure on the 4-hour chart are all developments to watch closely.
The recent market gyrations highlight the importance of risk management. While the long-term outlook for silver remains bullish, there could still be periods of volatility in the short term. 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 investor, this pullback could be an opportunity depending on your risk tolerance and overall plan. If you’re a stacker, focus on your stacking goals and don’t panic. Remember, the silver market is inherently volatile, and conducting your own research and due diligence is paramount.
