Silver Price Technical Analysis: June 24, 2024
Silver Price Technical Analysis: June 24, 2024
Key Points and Takeaways:
- Monthly chart: Silver price confirmed bullish breakout remains intact, but needs follow-through.
- Weekly chart: Bulls fall short of reclaiming $33.00, weekly close below key level.
- Daily chart: Price falls back after rejection at resistance, short-term outlook uncertain.
- 4-Hour chart: RSI dips below 50, indicating waning buying pressure.
Silver Stackers,
Welcome to today’s silver price technical analysis, examining the silver market on June 24th, 2024. The bullish momentum that began earlier this week seems to be fading. The bulls were unable to decisively break above the resistance level of $33.00, and the price has pulled back in recent days. 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 Play (Needs Confirmation)
The monthly chart continues to offer a potentially bullish perspective for long-term investors. The confirmed bullish breakout above the horizontal channel established since November 2023 remains in play. However, for the long-term uptrend to gain further confirmation, silver needs a sustained move above $33.00 and a strong monthly close.
Weekly Chart: Bulls Retreat Below $33.00
The weekly chart presents a cautiously bearish picture. The bulls failed to reclaim the key $33.00 resistance level and closed the week below it. This is a significant development and suggests that the bulls are losing some momentum in the short-term.
Daily Chart: Short-Term Outlook Uncertain
The daily chart presents an uncertain picture. The price initially attempted to break above $33.00 but was rejected and has since fallen back. The bulls need to regain control above $32.00 to maintain their short-term momentum. Conversely, a sustained move below $32.00 could lead to a deeper pullback on the daily timeframe.
4-Hour Chart: RSI Indicates Waning Buying Pressure
The 4-hour chart offers a cautiously bearish picture. The RSI has dipped below 50, indicating waning buying pressure in the short term. This is a negative sign for the bulls and suggests that they are losing some control.
Looking Beyond the Charts: Continued Market Monitoring
While technical analysis provides valuable insights, a holistic approach is crucial, especially after a week with a shift in momentum:
- Market Response to Global Events: Keep a close eye on the market’s reaction to ongoing global events. Geopolitical tensions or major economic news can significantly impact investor sentiment and precious metal prices.
- Upcoming Central Bank Meetings: Stay informed about any upcoming central bank meetings. Policy decisions from major central banks can influence the US dollar and impact silver 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 (needs further confirmation) on the monthly timeframe, the bulls failing to reclaim $33.00 and closing below it on the weekly chart, the uncertain short-term outlook on the daily chart, and the waning buying pressure on the 4-hour chart are all developments to watch closely.
The recent price pullback is a reminder of the inherent volatility of the silver market. While the long-term outlook for silver remains positive, short-term fluctuations are to be expected. It’s important to manage risk by using stop-loss orders 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.
