Silver Price Technical Analysis: June 18, 2024
Silver Price Technical Analysis: June 18, 2024
Key Points and Takeaways:
- Monthly chart: Silver price confirmed bullish breakout remains intact; long-term outlook positive.
- Weekly chart: Bulls hold above $32.00, but face potential resistance at $34.00.
- Daily chart: Price tests new highs, bulls aim for sustained momentum.
- 4-Hour chart: RSI remains above 50, indicating continued buying pressure.
Silver Stackers,
Welcome to today’s silver price technical analysis, examining the silver market on June 18th, 2024. The bulls are in charge after a strong week. They breached key resistance and are now testing new highs. However, some caution is still warranted as the market navigates potentially new resistance zones. 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 in Control
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 Eyeing $34.00
The weekly chart presents a bullish picture. The bulls have held above the key $32.00 resistance level and are now testing potential resistance at $34.00. A decisive break and close above $34.00 on the weekly timeframe would be a very bullish sign and could open the door for a test of even higher levels.
Daily Chart: Bulls Aim for Sustained Momentum
The daily chart presents a bullish picture. The price continues to climb and is currently testing new highs. The bulls are aiming to establish sustained momentum above $32.00. If they can achieve this, it could lead to further upward movement in the near future. However, it’s important to note that the price is approaching uncharted territory, and some profit-taking could occur, leading to a temporary pullback.
4-Hour Chart: RSI Hints at Continued Buying Pressure
The 4-hour chart offers a bullish perspective. The RSI remains above 50, indicating continued buying pressure in the short term. This is a positive sign for the bulls and suggests that they are still in control. However, a sustained move above 70 on the RSI could indicate overbought conditions and a potential short-term pullback.
Looking Beyond the Charts: Monitor Macroeconomic Data
While technical analysis provides valuable insights, a holistic approach is crucial:
- Upcoming Economic Data: Pay attention to upcoming macroeconomic data releases that could impact the US dollar and silver prices. Look for events like inflation reports, unemployment data, or retail sales figures.
- Geopolitical Tensions: Keep an eye on ongoing geopolitical tensions for any major developments that could impact investor sentiment and precious metal prices.
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 holding above $32.00 and potentially facing resistance at $34.00 on the weekly chart, the price testing new highs and the bulls aiming for sustained momentum on the daily chart, and the continued buying pressure on the 4-hour chart are all developments to watch closely.
The recent price surge has been exciting for silver stackers, but it’s important to manage risk. Consider implementing stop-loss orders to protect your holdings in case of a sudden price drop. The long-term outlook for silver remains positive, but short-term volatility is 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.
