Technical Analysis of Silver

Wall Street brokers have set 2025 target prices for silver between $36 and $40 per ounce. Several factors suggest the bullish trend in silver prices could persist.

25-11-2024 / MONDAY

The silver boom may extend into 2025

"Given the accelerating shift to solar power, the silver market's upward trajectory will likely continue through 2025."

Silver reached a record ₹1,00,000 per kg in 2024, marking a 32% increase year-to-date and outperforming all other metals. While traditional demand remains robust, industrial demand surged 11% in 2023 and 9% this year, hitting a record 711 million ounces.

Fig : Supply Vs Demand

What reason for the boom?

Industrial users account for 60% of global silver demand. Silver is essential in making solar cells that convert sunlight into electricity, as well as in circuit boards, mirrors, batteries, cameras, mobile phones, tablets, appliances, and automobiles. Additionally, data centers, which consume massive amounts of power, also rely on silver in large quantities.
Silver's antibacterial properties are vital for medical tubes, catheters, hearing aids, dental fillings, and even water filtration systems.
As silver prices rise, investment demand is increasing.
India, a key importer, is projected to bring in 8,000 tonnes in 2024.

Technical Analysis :

Start of the journey...!

Bull rally of silver...!

Important support level in lower timeframe...!

Observation :

Silver is in clear Bull Phase right starting from July 2024. Currently, the bull phase is active and 30 will be the lifesaver level for Silver. No candle closed below 30 level from Sep 2024 to till now. So, Until and unless it breaks 30 silver bulls will be alive.

"Together let's chart our financial independence"

Gajapriya Annadurai
Full Time Trader & Investor, Founder @Stark School of Finance.

Technical Analysis of Silver

The silver boom may extend into 2025

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