Silver Price Technical Analysis: March 15, 2024
Silver Price Technical Analysis: March 15, 2024
Key Points and Takeaways:
- Monthly chart: Silver price remains neutral within a horizontal channel.
- Weekly chart: The jury’s still out on the upward trend. A break above $25.50 is needed for confirmation.
- Daily chart: The price action on Friday suggests a potential bullish breakout. However, confirmation above resistance is needed.
- 4-hour chart: The RSI is rising, indicating increasing bullish momentum.
Silver Stackers,
Welcome to today’s technical analysis, examining the silver market on March 15th, 2024. We’ll delve into various timeframes to understand how silver performed after the recent upward movement and in light of gold reaching all-time highs. Remember, technical analysis is just one tool, and should not be used as sole investment advice.
Monthly Chart: Stuck in Neutral Territory
The monthly chart continues to showcase neutrality, with silver confined within the horizontal channel established since November 2023. This ongoing consolidation phase suggests a lack of clear direction in the long term. A breakout above or below this channel on the monthly timeframe would signal a more definitive trend shift.
Weekly Chart: Uptrend Needs Confirmation
The weekly chart presents a potential uptrend that’s still in question. The price has tested the resistance zone around $25.50 several times this week. On Friday, it finally managed to close above this level. However, a single weekly close above resistance isn’t enough for confirmation. Bulls would ideally like to see the price hold and potentially build on these gains next week.
Daily Chart: Bullish Breakout or False Hope?
The daily chart presents a potentially bullish scenario. The recent price surge has not only breached the $23.10 support, but has also seen the price surpass the resistance zone turned support, around $24.60. The most recent price action on Friday suggests a possible breakout as the price closed above $25.50. However, for confirmation, it’s crucial to see if the price can hold above this level in the coming days.
4-Hour Chart: Rising RSI Hints at Bullish Momentum
The 4-hour chart offers a potentially bullish perspective. The RSI has been rising steadily over the past few days, currently hovering near 60. This indicates that the price is neither oversold nor overbought, but also suggests increasing bullish momentum. A confirmed breakout in price accompanied by a rising RSI would be a strong technical signal for bulls.
Looking Beyond the Charts: A Multifaceted Market
While technical analysis provides valuable insights, a holistic approach is crucial:
- Geopolitical Events: Ongoing events, like the Russia-Ukraine War, can continue to influence investor sentiment and impact precious metal prices.
- Central Bank Policy: Upcoming central bank meetings, particularly those from the Federal Reserve, can significantly impact the dollar and indirectly influence silver prices.
- Gold Price Movement: The recent surge in gold prices, reaching all-time highs, could continue to influence silver due to their correlation as safe-haven assets.
- Upcoming Economic Data: There are no major economic data releases scheduled for the weekend, but upcoming events like retail sales data early next week can impact investor sentiment and potentially influence silver prices.
Stay Informed, Stay Vigilant, and Happy Stacking!
By understanding technical analysis, fundamental factors, and market sentiment, you can equip yourself with knowledge to navigate the ever-changing silver market. Remember, conducting your own research and due diligence is paramount before making any investment decisions.
Disclaimer: This report is for informational purposes only and should not be considered financial advice. Please consult with a financial professional before making any investment decisions.
