Silver Price Technical Analysis: June 14, 2024
Silver Price Technical Analysis: June 14, 2024
Key Points and Takeaways:
- Monthly chart: Silver price confirmed bullish breakout remains intact; long-term outlook positive.
- Weekly chart: Indecisive battle at $32.00 resistance after initial post-FOMC dip.
- Daily chart: Price finds support near $31.00; potential for renewed upward momentum.
- 4-Hour chart: RSI attempts to climb back above 50, indicating short-term buying pressure.
Silver Stackers,
Welcome to today’s silver price technical analysis, examining the silver market on June 14th, 2024. The silver market has seen some post-FOMC volatility this week. Following an initial dip after the Federal Open Market Committee (FOMC) meeting announcement on June 13th, the bulls have managed to regain some footing. 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. The strong May close above $30.00 provides a stronger confirmation of the long-term uptrend for silver.
Weekly Chart: Bulls and Bears in a Tug-of-War at $32.00
The weekly chart presents a neutral-to-bullish picture. Following the initial dip after the FOMC meeting, there is an ongoing battle between the bulls and bears at the resistance level of $32.00. A decisive break and close above $32.00 on the weekly timeframe would be a very bullish sign. Conversely, a sustained move below $30.00 could indicate a deeper pullback on the weekly timeframe.
Daily Chart: Bulls Look to Reclaim Momentum
The daily chart presents a mixed picture. The price initially dipped after the FOMC announcement but found support near $31.00. This resilience is a positive development for the bulls. There are also signs of bulls attempting to reclaim upward momentum. A clean break and hold above $32.00 would be a very bullish sign and could open the door for a test of the $33.00 level again.
4-Hour Chart: RSI Hints at Short-Term Buying Pressure
The 4-hour chart offers a cautiously optimistic perspective. The RSI is currently attempting to climb back above 50, indicating a potential return of some buying pressure in the short term. A sustained move above 50 on the RSI, coupled with a confirmed break above $32.00 on the daily timeframe, would be a very bullish sign.
Looking Beyond the Charts: Await Market FOMC Analysis
While technical analysis provides valuable insights, a holistic approach is crucial, especially after a significant event like the FOMC meeting:
- Market Analysis of FOMC Decisions: As the market continues to digest the FOMC’s decisions, pay attention to in-depth market analysis regarding the potential impact on the US dollar and silver prices. Look for insights from reputable financial institutions and analysts.
- Geopolitical Developments: Keep an eye on ongoing geopolitical tensions for any major developments that could impact investor sentiment and precious metal prices.
Stay Informed, Adapt, 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 ongoing battle at $32.00 on the weekly and daily charts, and the short-term buying pressure hints on the 4-hour chart are all developments to watch closely. The market’s reaction to the FOMC meeting and ongoing analysis of its implications will continue to influence the price in the near future.
The silver market can be volatile, so adaptability is key. While the long-term outlook for silver remains positive, short-term price fluctuations are to be expected. 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.
