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 rose to $29.80 per ounce
16.05.2024
Thanks to the weak U.S. dollar, silver rose in price yesterday to resistance at $29.80 per ounce. Bulls are unable to break it for now, but pullbacks are limited by $29.45 support, above which there are chances of breaking resistance and testing the $30.00 level. The loss of support will lead to a decline toward $29.00-28.80 per ounce.
XAG/USD tests resistance
15.05.2024
Silver, also benefiting from the weakness in the U.S. dollar, is in demand, pushing its quotes up to resistance at $28.70 per ounce. The chances of breaking it and rising to the $29.00 mark have increased. Losing support at $28.50 will lead to a decline toward $28.30-28.00 per ounce. Acceleration in consumer inflation could contribute to a decrease in the metal's price.
XAG/USD recovers after decline
14.05.2024
Silver, while under pressure, tested support at $28.00 per ounce, but at the moment, its quotes are trying to break $28.50 resistance. In the case of weak U.S. PPI data, this level may be broken, and quotes will test $28.75 resistance. On strong data, a decline to the aforementioned support is possible.
XAG/USD is testing support at $28.00 per ounce
13.05.2024
After testing resistance at $28.70 per ounce, silver prices came under pressure, prompting bears to test $28.00 support. Attempts to rise to $28.50-28.70 may follow from this support. However, a loss of support will lead to a decline toward $27.70-27.50 per ounce.
XAG/USD is gaining in price
10.05.2024
Following gold's lead, silver broke resistance at $27.70 per ounce and rose in price to the $28.62 level. Closeness to robust resistance levels could prompt bears to return to the market, yet it doesn't dismiss the possibility of testing $28.80-29.00 resistance . A pullback to $28.20-28.00 could be used for buying, with a loss of the latter level leading to a decline toward $27.70-27.50 per ounce.
XAG/USD trading unchanged
09.05.2024
Another attempt by silver bulls to break resistance at $27.50 per ounce was unsuccessful. However, the decline in metal prices is currently limited by $27.32 local support.. Thus, the risks of declining toward $27.00-$26.80 remain high. Breaking resistance will lead to growth toward $27.70-$27.80 per ounce.
XAG/USD risks resuming decline
08.05.2024
After pulling back to support $27.25 per ounce, silver quotes tested $27.50 resistance again. Bulls are unable to absorb the offers placed from this level, maintaining the risks of breaking support and declining toward $26.90-26.60. Breaking resistance will lead to a growth toward $27.80-28.00 per ounce.
XAG/USD continues to recover
07.05.2024
Silver, also benefiting from the weakness of the U.S. dollar, is recovering from support at $26.10 per ounce, allowing its quotes to break $26.80/90 resistance and rise to the $27.43 level. A growth toward $27.70 resistance may be used for selling and declining toward $27.00. Breaking $27.70 will lead to a growth toward $28.00 per ounce.
XAG/USD recovers after decline
03.05.2024
Breaking support at $26.25 per ounce, silver prices tested the $26.03 mark, from where they returned to $26.75 resistance. From the current levels it is possible that the bears will resume selling and try to break the $26.25 support. Passing the resistance will lead to growth toward $27.20-27.40 per ounce. The release of U.S. labor market data may cause moderate volatility in the metals market.
XAG/USD is back under pressure
02.05.2024
Yesterday, silver had an opportunity to bounce back from its previous losses, but its price rise was stopped by resistance at $26.90 per ounce. After trying to break out, the prices fell to $26.50. In the short term, until tomorrow's release of the U.S. labor market data, consolidation between $26.20 support and $26.90 resistance is possible. Downside risks prevail, while a breakout of resistance will lead to a growth toward $27.40 per ounce.
XAG/USD is getting cheaper
01.05.2024
Staying under selling pressure, silver prices dropped below the $27.00-26.70 levels per ounce and went down to $26.25. Pullbacks are limited by $26.50 resistance, indicating risks of a decline to $26.00-25.80. Breaking resistance will lead to a growth toward $26.70-27.00 per ounce. The metal’s future in the near term might rely on what the Federal Reserve decides about interest rates today and/or what Jerome Powell says.
XAG/USD retesting support again
30.04.2024
Silver continues to face selling pressure, with bears once again attempting to break support at $26.70 per ounce. The risks of breaking it and declining toward $26.20-26.00 have significantly increased. Attempts to rise to $27.00-27.20 may be used for selling.
XAG/USD consolidates after decline
29.04.2024
Silver is consolidating within a corrective phase. An attempt to rise was limited by resistance at $27.70 per ounce, while demand was noted at the $27.00 level. Pressure on the metal persists, along with the risks of breaking support and declining toward $26.60-26.30. Breakout of the $27.30 local resistance will allow bulls to attack the resistance again at $27.60-27.70 per ounce.
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.
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.