Silver Price forecast for today by Traders Union analysts
Traders closely monitor silver price forecasts, as the asset is considered suitable for hedging risks and is subject to relative volatility, which is formed by supply and demand for this precious metal. Silver has a thousand-year history; it was first mined even before our era.
The use and the price of this precious metal have gradually increased. The asset has a positive correlation with gold and negative correlation with the U.S. dollar. Just like its ‘older brother’, silver provides certain protection against inflation and can be used for investment portfolio diversification.
Silver price performance shown on an interactive chart, and silver price forecast can help find good position entry/exit points to allow traders to earn profit. This also helps make informed trading decisions and adjust trading strategy accordingly.
Traders Union analysts prepare silver price forecasts for today and next trading days using methods and instruments of technical analysis (technical indicators, figures, support/resistance levels, etc.) to provide you with additional information for short, medium and long-term investing.
XAG/USD is experiencing moderate demand
26.04.2024
Silver, like gold, continues to consolidate after a corrective decline, while trying to recover from previous losses. Thus, finding support level at $27.20-27.10 per ounce, its quotes rose to $27.68 at the moment. The next level to be tested could be near the $28.00 resistance level, where bearish activity is possible. Today, the U.S. PCE index will be published, which may determine the further dynamics of the metal; its increase may exert pressure, while a decrease may provide support.
XAG/USD continues to be under pressure
25.04.2024
The rollback of silver quotes is currently limited by resistance $27.35/45 per ounce. Bulls cannot absorb offers placed at these levels, but 27.10/05 support continues to hold back bearish pressure. However, the pressure remains, along with the risks of declining toward 26.80/70 support. Breaking resistance will lead to a growth toward $27.70 per ounce.
XAG/USD rebounds
24.04.2024
Continuing its decline, silver prices tested $26.70 support per ounce. Here, the metal was brought up, returning it to $27.35 resistance, which bulls are currently unable to break. Below this level, the risks of returning to current lows will prevail. Breaking resistance will lead to a growth toward $27.60-27.90 per ounce.
XAG/USD declines
23.04.2024
Another unsuccessful attempt by bulls to break silver's resistance at $28.80 per ounce triggered the liquidation of long positions, leading to the metal's quotes breaking 28.10-28.00 support and declining to 26.75 support at the moment. At current levels it is possible to buy and test 27.30-27.50, but before that the price may test support near the level of 26.40. Its breakout will lead to a decline toward 26.00 per ounce.
XAG/USD is on the decline following unsuccessful attempts to break resistance
22.04.2024
Following yet another futile effort to break the resistance level of $23.80 per ounce, silver bulls are locking profits on long positions, leading to a breakout of $28.10 support and a decline to the level of $27.68. In the absence of Iran's reaction to Israel's strike, the correction may continue, and bears may test $27.20-27.00 support. Breaking $28.00-28.10 will lead to a growth toward $28.40-28.70 per ounce.
XAG/USD trades unchanged
19.04.2024
Silver trading is unchanged. Following Israel's strike on Iran, its price surged to $28.92 per ounce, then returned to support at $28.15. Demand on declines persists, along with chances of testing resistance at 29.00-29.20. Loss of support will lead to a decline toward $27.80-27.50 per ounce.
XAG/USD is under pressure
18.04.2024
Echoing gold’s performance, yesterday, silver tested resistance at $28.75 per ounce, where bulls locked profits on long positions, causing the metal’s quotes to retreat to the support level of $28.20. The risks of breaking this support and declining toward $27.80-27.60 currently dominate. Surpassing $28.55 will increase the chances of breaking $28.75 and rising toward $29.00-29.20 per ounce.
XAG/USD is under pressure following an increase
17.04.2024
Silver sold on the growth toward the resistance level at $28.95 per Troy Ounce, resulting in its quotes dropping to the support level of 28.00. If the gold price continues to grow, the silver price could test the resistance level of 28.50-28.70; otherwise, a breakout of the current support and a decline toward $27.80-27.60 per Troy Ounce is to be expected.
XAG/USD is under pressure after the growth attempt
16.04.2024
After a pullback to the support of around $27.80/60 per ounce, the quotes rose back to the resistance at 29.00, where they were again under pressure, falling to the support at 28.25. In the short term, consolidation in the current range is possible; the bulls' inability to break through the resistance increases the risks of losing the current support and falling to $27.60 per ounce as a minimum.
XAG/USD under pressure after growth
15.04.2024
Having continued buying silver on Friday, the bulls broke through the resistance around 28.40 dollars per ounce and tested the level of 29.80. Here, they fixed profits on longs, and as a result, the metal quotes fell to the support of 27.65 dollars per ounce. At the moment, the bulls are again trying to break through the above resistance, but growth attempts can be used to sell and retest the support. Its breakdown will lead to a decline towards 27.00, passing the resistance - to growth to 29.20-29.60 dollars per ounce.
XAG/USD continues to rise in price
12.04.2024
Silver was bought from the support at $27.80/oz, which resulted in breaking the resistance at 28.30/50 and testing the level of 29.20. The uptrend remains in force, the growth of gold will help silver to move further higher, but the risks of correction are growing, so the bulls should be extremely cautious. Loss of support at 28.75 will lead to a decline towards 28.40-28.10 dollars per ounce.
XAG/USD trades multi-directionally
11.04.2024
The data on inflation in the U.S. silver quotes tested the support to be around 27.55 dollars per ounce, but it soon rose to the level of 28.50. The growth of the dollar negatively affects the dynamics of precious metals and may contribute to a larger correction. Nevertheless, as long as silver quotes are trading above 27.55, the chances of retesting yesterday's high will remain; loss of support will lead to a decline towards 27.30-27.00 dollars per ounce.
XAG/USD continues to storm resistance
10.04.2024
The fall in the silver price from the resistance at 28.30 to the support at 27.65 dollars per ounce was again used for buying, amid which the bulls continued their attempts to break the resistance. The outlook for the metal thus remains constructive, but the bulls' inability to break through resistance raises the risks of a break of the above support and a decline towards 27.20-27.00; a break of resistance would provide upside to $28.40-28.60/oz.
XAG/USD continue to buy on the decline
09.04.2024
After testing the level of 28.07 dollars per ounce, silver quotes declined to the support of 27.30, but in the fall, the metal continued to be bought out, and the bulls again tested the level of 27.90. Nevertheless, the risks of correction at this stage are assessed as quite high, which may be facilitated by the release of inflation data on the U.S.; the breakdown of the current highs will lead to growth in the direction of 28.20-28.40 dollars per ounce, where it is also possible to sell the metal.
XAG/USD under pressure after growth
08.04.2024
Having found support near $26.40 per ounce, silver quotes managed to break through the resistance near $27.30 per ounce and test the level of 28.04. The rally of precious metals looks hypertrophied, which significantly increases the risks of correction, within the framework of which the bears may first of all test the support near 26.40. Its breakdown will lead to a decline towards 25.60-25.40; breakdown of resistance - to growth to 28.50 dollars per ounce.
XAG/USD sold off from resistance at $27.28 per ounce
05.04.2024
Profit taking on long positions in silver from the resistance at $27.28 per ounce led to a breakdown of the support at 26.80 and a decline to 26.30, after which the bulls unsuccessfully tried to bring the metal back above 26.80. Today, data on the labor market will be published, which may affect the dynamics of the metal: strong data may increase the pressure, and weak data may provide support.
XAG/USD continues to grow
04.04.2024
In the silver market, the bulls continue to control the situation as well. During yesterday's trading session, they managed to break through the resistance at around 26.50 dollars per ounce and test the resistance at 27.25. The metal looks overbought, which may become a reason for profit taking on long positions and correction in the direction of 26.50-26.20. There are no signs of a trend reversal at the moment. Breaking through the resistance will lead to growth in the direction of 27.50-27.70 dollars per ounce.
XAG/USD continues to grow
03.04.2024
Silver was bought yesterday on a pullback to the support at 26.20 dollars per ounce, as a result of which its quotations broke through the resistance at 26.50 and tested the mark at 26.80, which is still acting as resistance. The metal's prospects remain constructive, and the bulls may test at a level of 27.00. With each advance above, the risks of correction are growing. Loss of support at 26.50 will lead to a decline to support near the levels of 26.20-26.00 dollars per ounce.
XAG/USD is testing strong resistance at 25.75 dollars per ounce
02.04.2024
Yesterday's decline in silver price was used for buying. Having found support around 24.80 dollars per ounce, its quotations broke through the resistance of 25.30 and rose to the resistance around the level of 25.75. The bulls are currently trying to break it, in case of which they will be able to test the strength of the level of 26.00; the loss of the support at 25.55 will lead to a decline towards 25.40-25.30 dollars per ounce, where the activation of the bulls is possible.
XAG/USD under pressure after a growth attempt
01.04.2024
Silver is not as popular as gold, but its quotations managed to test the resistance around 25.40 dollars per ounce, from which, being under pressure at the moment, retreated to 24.95. Failure to break the current resistance poses the threat of a decline to the support of 24.40-24.20, from which the bulls may try to return to the uptrend; a break of the resistance will lead to a rise towards 25.80-26.00 dollars per ounce.
XAG/USD demonstrates a positive attitude
29.03.2024
The renewed growth of gold prices contributed to the growth of silver prices. Again pushing back from the support around 24.40 dollars per ounce, its quotations broke through the resistance of 24.70 and rose to the mark of 25.00. Next, the bulls may test resistance near the levels of 25.20-25.40; in the case of gold correction, silver quotes may decline towards 24.60-24.40.
XAG/USD is under pressure, but growth following gold is possible
28.03.2024
While gold is going to renew the highs, silver quotes were under pressure, against which bears tested the support at around 24.40 dollars per ounce. Nevertheless, on the downside, the demand remains, and bulls are currently trying to break the resistance of 24.70 again, in case of which we should expect growth in the direction of 25.00-25.30; loss of support will lead to a decline in the direction of 24.20-24.00 dollars per ounce.
XAG/USD is trying to return to resistance
27.03.2024
Silver sales from the resistance around 24.90 dollars per ounce led to the decline of its quotations to the support at 24.40. Against the backdrop of rising gold prices, bulls are trying to break through the resistance at 24.60, which will allow them to test 24.80-24.90 again; loss of support will lead to a decline towards 24.10-24.00. For the moment, short-term prospects remain constructive, but correction risks are growing.
XAG/USD in a narrow range
26.03.2024
Silver quotes are still under pressure, amid which the bulls cannot break through the resistance around $24.90 per ounce, while the bears continue to try to break through the support at 24.50. Later in the week, inflation data on the United States will be published, which may affect the dynamics of the metal. In the short term, its quotes may continue to consolidate in the range, the breakthrough of resistance will allow it to test 25.20-25.50, and the loss of support will lead to a decline towards 24.00 dollars per ounce.
XAG/USD risks further decline
25.03.2024
Silver, declining amid the liquidation of long positions, tested support at 24.45 dollars per ounce. After that, the bulls tried to break through the resistance at 24.90, but so far without success. This indicates the risks of breaking through the support and declining towards 24.20-24.00. Passage of resistance will allow the bulls to test $25.20-25.40 per ounce.
XAG/USD under selling pressure
22.03.2024
Silver was sold yesterday on the growth to the resistance around 25.75 dollars per ounce. Being under pressure, its quotations broke through the support at 25.40-25.30 and declined to the support at 24.45. This decline can be used for buying and testing the resistance at 24.90-25.00, where selling can resume; loss of the support will lead to a decline towards 24.10-24.00 dollars per ounce.
XAG/USD retreats from the current highs
21.03.2024
The US dollar sell-offs contributed to the growth of silver quotations, as a result of which they broke through the resistance at 25.40 dollars per ounce and tested the resistance at 25.74. At the moment, they rolled back to the support at 25.40, the loss of which will lead to a decline towards 24.80-24.70; passing the resistance will provide the bulls with a test of the level of 26.00 dollars per ounce.
XAG/USD is trading flat
20.03.2024
Silver, ahead of the Fed's interest rate decision, is also trading unchanged. Its quotes are under slight pressure, against which the support near $24.80 per ounce was tested again. The Fed is likely to leave the interest rate level unchanged, but "hawkish" comments of Jerome Powell may provoke a price decline towards 24.50-24.20; on "dovish" comments, it is possible to test 25.20-25.30 dollars per ounce.
XAG/USD under pressure
19.03.2024
Silver also remains under moderate selling pressure, against which its quotations tested support near the level of 24.80 dollars per ounce. Until the US Fed decides on the interest rate, consolidation in the current range is possible, within which the bulls may test the resistance of 25.20-25.40.
XAG/USD is trying to continue its growth
18.03.2024
On Friday, maintaining a positive attitude, silver quotes tested the resistance near the level of 25.40 dollars per ounce, after which there was a pullback to the support of 25.00, where the demand for the metal remains. Nevertheless, against the backdrop of the strengthening of the US dollar and the decline in gold prices, it is possible to break the support and decline towards 24.80-24.60 dollars per ounce; passing the resistance will allow us to test 25.60-25.70.
Silver price chart
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What are the benefits of the silver price forecast for next week?
The silver price depends on various factors, including supply and demand in the market, silver ratio to gold, condition of global economy and geopolitical environment. In addition, the silver price may rise when the U.S. dollar weakens, which makes the precious metal more accessible for purchase in other countries. In turn, a strong U.S. dollar causes the silver price to decline.
Investing in silver cannot be considered risky. However, the silver real time price chart and forecast by TU analysts will help you make informed trades and earn profit.
FAQ
1
What factors impact the silver price?
Silver price growth or decline depends on many
indicators. The degree of influence of prices for other commodities, supply and demand in the market, investor moods and macroeconomic indicators need to be taken into consideration.
2
Is the silver price dependent on the gold price?
Silver is called the gold’s “younger brother” for a reason. The silver price follows the gold price and there is a positive correlation between them. However, the silver price chart tends to have more abrupt movements, because this precious metal is more volatile than gold.
3
Can silver be considered a defensive asset?
Like gold, silver provides certain protection against stock market decline, currency and inflation risks. However, a return can be earned only if the price grows, as silver does not bring dividends.
4
How do you trade silver in the Forex market?
You can trade silver spot, silver futures and
CFDs. It is up to an investor to decide on the option. The important thing is to consider possible risks and invest only uncommitted funds.