Silver Prices Expected to Remain Strong with Continued Market Support and Technical Analysis
October 11, 2024Silver Faces Downward Pressure from Rising Dollar and Treasury Yields, Will the Decline Continue?
October 14, 2024The price of silver experienced some downward pressure over the past week, yet it appears that the $30 level is acting as a support once again. Despite the market’s turbulent nature, there are indications that significant resistance at the $32.50 level could lead to a potential double top formation. In case of a downturn, the $30 level is expected to provide a foundation, but a breach below this point could signal a more substantial decline towards the $28 mark. Overall, although the market remains volatile, a general uptrend seems likely given the recent upward momentum. Despite the potential double top formation, there are technical signals indicating a possible breakout. While a positive fundamental catalyst is needed to sustain this upward movement, current technical analysis suggests a bullish outlook, particularly following the market’s late-week response. For more information on economic events, be sure to refer to our economic calendar.