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Silver showed a minor pullback as on demand will increase due to green energy. It hits a low of $30.18 and is currently trading around $30.95.
Industrial silver demand is expected to rise significantly in 2024, driven by the green energy sector and electronics, with estimates suggesting an increase of about 7%, bringing total demand close to 700 million ounces. A big part of this demand comes from the photovoltaic (PV) industry, where silver use in solar cells is projected to grow from 193.5 million ounces in 2023 to 232 million ounces in 2024 due to better solar technology. The electronics industry also boosts silver demand, as it rose 20% last year, and is set to grow further with new AI-related products. Overall, global silver demand is forecasted to reach about 1.2 billion ounces in 2024, with industrial uses accounting for around 690 million ounces, the highest on record. However, supply is only expected to grow by 3%, which might create a shortage in the market. This rising demand and limited supply could lead to higher silver prices, encouraging more production and investment. In summary, the strong growth in green energy and electronics is set to make industrial silver very important in 2024.
The gold-silver ratio is currently at 84.26, showing that silver has outperformed silver recently. A ratio above 80 suggests silver might become a more attractive investment compared to gold.
Technical Analysis: Key Levels to Watch For trading, the major level to monitor is 30. Silver is below key moving averages, with near-term support at $30. If it falls below this, it could target $29.60/$28. On the upside, immediate resistance is at $31.25; breaking this could lead to targets of $31.25/$31.75/$32.20, $32.75, $33, $33.60, $34, $34.50, and even $34.73.
Trading Strategy: Opportunities in Current Market It may be a good strategy to buy on dips around $30.40-45, with a stop-loss at $29.80 and a target price of $32.
