Silver Price Momentum Loss and Forecast – May 22, 2024

by Jennifer

Silver Price Analysis:

Silver prices have recently tested the $32.00 level and have shown signs of losing momentum, with a shift towards negative trading sentiment. The stochastic indicator has also indicated a loss of positive momentum, now suggesting potential for a resumption of the anticipated bearish wave on an intraday basis, with a primary target identified at $31.00.


Expected Scenario:


Our analysis maintains a bearish outlook unless there is a significant rally that propels the price above key resistance levels at $32.15, followed by $32.50, and sustains its position above these levels. Such a scenario could potentially invalidate the bearish view and lead to a reversal of the current trend.

Expected Trading Range:

The expected trading range for silver is projected to fluctuate between support at $31.20 and resistance at $32.20. This range reflects the current dynamics in the market and provides guidance for potential price movements within this range.

Trend Forecast: Bearish

Considering the analysis and prevailing market conditions, the trend forecast for silver remains bearish, indicating a downward bias in the near term. Traders should monitor key resistance levels for any potential breakout that could signal a shift in sentiment.

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