CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Open account
☰
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Open account
✖

Silver Technical Analysis: Silver Slammed, Sell-Off Tests 30-Handle

Article By: ,  Sr. Strategist
November 14, 2024 3:52 PM

Silver Talking Points:

  • From metals mania to a metals massacre as both silver and gold have sold-off in the aftermath of the US election.
  • Given the rally in the US Dollar we could be seeing an expected shift in rate policy from the FOMC; but this theme is far from over as Silver was at a fresh decade-high just a few weeks ago and the bigger picture retains bullish potential if the 30-handle can hold the lows.

In the month of October both silver and gold put in strong bullish moves and while the latter had been strong for most of 2024, it was silver that began to show more impressively last month. Silver prices broke out to a fresh 12-year high and eventually ran up to the 35-level in silver futures, which finally started to slow the breakout, and the weekly bar from that test showed as a doji.

Since then, that indecision has pushed a turn and the past three weeks have seen sellers reversing the bulk of the September and October breakout; but it wasn’t until this morning that the 30-level came back into the picture and, so far, that’s helping to set support. That’s the same line-in-the-sand that held highs in 2020 and 2021 and it remains relevant near-term.

 

Silver Futures (SI) Weekly Chart

Chart prepared by James Stanley; data derived from Tradingview

 

Silver Daily

 

The 30-handle was also in-play as resistance in August, and the pullback from that held a higher-low before the next test led to breakout. After the breakout in September, the following pullback held a higher-low above that price before bulls ultimately pushed up to that fresh 12-year high a month later.

This morning was the first test of $30 since that happened and so far, there’s been a response from bulls pushing prices back above. But at this stage it’s still too early to definitively say that it’s bottomed as we’d need some follow-through to show greater confirmation of that.

The prior lower-low plots at 30.94 and the prior lower-high at 31.26. If bulls can push through that in early-trade next week, then the prospect of bullish continuation could come back into the picture with a bit more confidence.

 

Silver Daily Chart

Chart prepared by James Stanley; data derived from Tradingview

 

--- written by James Stanley, Senior Strategist

 

StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. CFD and Forex Trading are leveraged products and your capital is at risk. They may not be suitable for everyone. Please ensure you fully understand the risks involved by reading our full risk warning.

City Index is a trading name of StoneX Financial Ltd. Head and Registered Office: 1st Floor, Moor House, 120 London Wall, London, EC2Y 5ET. StoneX Financial Ltd is a company registered in England and Wales, number: 05616586. Authorised and regulated by the Financial Conduct Authority. FCA Register Number: 446717.

City Index is a trademark of StoneX Financial Ltd.

The information on this website is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement.

© City Index 2025