Silver Forecast Today 03/04: Look For Buyers On Dips (Video)

(MENAFN- Daily Forex)

• Silver initially rallied during the trading session on Wednesday but has given back quite a bit of the gains and that makes a certain amount of sense considering that the tariffs are going to be announced late in the session.
• So I think a lot of traders don't want to put a ton of risk on as we don't really know how this plays out.
• Remember, silver isn't just a precious metal, it's also an industrial one and therefore you have to pay close attention to whether or not demand is going to pick up or shrink.

I think the uptrend should continue going forward and therefore you need to look at it through that prism. And I also believe that pullbacks will be buying opportunities. I hope that the tariff announcement sends this market much lower, perhaps down to the 50 day EMA so I can buy silver cheaper . The $33.33 level is also an important area to watch as well.

Traders Continue to Look for Value

So, all things being equal, I think you've got a situation where traders continue to look for some type of value and will most certainly take advantage of it as soon as they get the opportunity. There is a lot of noise out there at any given moment in the silver market. But I also recognize that the trend does tend to last for a while. And now we need to pay close attention to whether or not we can break above the $35 level. If and when we do that opens up a massive move higher.

Top Forex Brokers1 Get Started 74% of retail CFD accounts lose money

I think that becomes a very bullish sign. All things being equal, I don't really have a situation in which I'm willing to sell silver unless of course we see gold get really hammered. And my cue to sell silver is actually seeing gold below $3,000. If we see that, then you can start to make the argument that metals might be in trouble with a strong US dollar perhaps. Then if I'm going to short a metal market, it will be silver because it falls much quicker than gold. Regardless, position sizing remains the paramount way to deal with this market as it's very volatile and dangerous under the best of circumstances.

Ready to trade our daily forex analysis and predictions ? Here are the best Silver trading brokers to choose from.

MENAFN05042025000131011023ID1109393089