Silver Price Technical Analysis: June 17, 2024
Silver Price Technical Analysis: June 17, 2024
Key Points and Takeaways:
- Monthly chart: Silver price confirmed bullish breakout remains intact.
- Weekly chart: Bulls reclaim $32.00 resistance, bullish outlook strengthens.
- Daily chart: Price breaks above key resistance, potential for further upward movement.
- 4-Hour chart: RSI climbs above 50, indicating strong short-term buying pressure.
Silver Stackers,
Welcome to today’s silver price technical analysis, diving into the silver market on June 17th, 2024. The silver market has experienced a positive shift since our last analysis on June 14th. The bulls have regained momentum and breached a key resistance level, injecting optimism into the market. 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 Charge Forward
The weekly chart presents a significantly more bullish picture compared to our previous analysis. The bulls have decisively reclaimed the $32.00 resistance level and closed the week above it. This is a very bullish sign and suggests that the bulls are back in control in the short-term. A sustained move above $32.00 on the weekly timeframe could open the door for a test of the $34.00 level next.
Daily Chart: Price Makes a Bullish Breakout
The daily chart presents a bullish picture. The price finally broke above the key resistance level of $32.00 and closed the day above it. This is a significant development and suggests that the bulls are gaining momentum. If the price can hold above $32.00, it could be a sign of further upward movement in the near future.
4-Hour Chart: RSI Reflects Strong Buying Pressure
The 4-hour chart offers a very bullish perspective. The RSI has climbed above 50 and is currently indicating strong buying pressure in the short term. This is a positive sign for the bulls and suggests that they are in control. A sustained move above 50 on the RSI, coupled with the price holding above $32.00 on the daily timeframe, is a very bullish combination.
Looking Beyond the Charts: Continued Market Analysis
While technical analysis provides valuable insights, a holistic approach is crucial:
- Market Analysis of FOMC Decisions: Continue to monitor in-depth market analysis regarding the potential long-term impact of the FOMC’s decisions on the US dollar and silver prices.
- Geopolitical Tensions: Keep an eye on ongoing geopolitical tensions for any major developments that could impact investor sentiment and precious metal prices.
Stay Informed, Stay Excited (Cautiously!), 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 reclaiming $32.00 and the bullish technical indicators on the weekly, daily, and 4-hour charts are all very positive developments. While the bulls are clearly in control in the short-term, some caution is still warranted, given the inherent volatility of the silver market.
The long-term outlook for silver remains positive. 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.
