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Silver has gained sharply, hitting a low of $29.64 before currently trading around $31.85, largely due to easing U.S. Treasury yields.
Silver demand is expected to keep rising into 2025 due to both industrial use and investment interest. A major factor driving this demand is the renewable energy sector, particularly for solar panels and electric vehicles, with industrial demand projected to grow by about 7% in 2025. Total silver consumption is expected to reach around 1.21 billion ounces by the end of 2024 and continue to increase. Supply growth has been limited, with only a 2% rise expected in 2024, leading to significant market deficits. The silver market is projected to face a shortage of about 182 million ounces in 2024, continuing a trend of deficits for the fourth year in a row. Analysts predict silver prices could rise to between $36 and $40 per ounce in 2025, with some forecasts going as high as $50. Investors, including central banks, are also showing more interest in silver, which will likely boost demand further.
For trading strategies, the major level to watch is $31.70. Silver is currently positioned below key moving averages, with near-term support at $30. If it drops below this level, it could target $29.60 and $28.47. On the upside, immediate resistance is at $31.25; breaking through this barrier could lead to further targets at $31.75, $32.20, $32.75, $33, $33.60, $34, $34.50, and even $34.73.
Trading Strategy: Buy on Dips
Given the current market outlook, a good trading strategy would be to buy on dips around the $31.50-55 range, setting a stop-loss at $30.70 and targeting a price of $33. This strategy aligns with the potential for silver to complete a double-bottom pattern, indicating possible bullish momentum ahead.
