Silver Price Forecast Update (April 29, 2025): Eyeing Fresh Sell Opportunities Near $34.20
Following our earlier forecast on April 22, 2025 — where we highlighted a retest and potential reversal at the $33.60 level, which was successfully fulfilled — we now turn our attention to the next critical price region. As price action unfolds, I will be closely monitoring the $34.20 area for potential short (sell) setups, contingent on price behavior and broader market confirmation.
🔍 Technical Outlook
Resistance Zone at $34.00–$34.20: This area has previously acted as a strong resistance zone, marking a significant swing high from March 2024. A confluence of Fibonacci extensions (specifically the 127.2% extension from the January–March leg) also aligns here.
Bearish Divergence on RSI (4H and Daily): As silver approaches $34.20, momentum indicators are beginning to show early signs of bearish divergence, suggesting that upside strength may be waning.
Rising Channel Breakdown in Sight: Price remains within an ascending channel since mid-March, but a test and failure near $34.20 could trigger a breakdown, targeting support at $32.60 and potentially $31.80 in extension.
🏦 Fundamental Drivers to Watch
Fed Policy Outlook: Recent Fed commentary continues to lean hawkish, with inflation data remaining sticky. The possibility of delayed rate cuts is strengthening the U.S. dollar and raising real yields — both traditionally bearish factors for silver.
Geopolitical Uncertainty & Safe Haven Flows: On the flip side, ongoing geopolitical tensions in Eastern Europe and the Middle East are contributing to periodic safe haven bids for precious metals. However, these flows have largely benefited gold more than silver in recent sessions.
Industrial Demand Concerns: Slowing global manufacturing PMI readings — especially from China and Germany — are raising concerns about silver’s industrial demand side. This could weigh on the metal in the coming weeks if macroeconomic softness persists.
📈 Trade Plan
I will be closely watching for bearish confirmation patterns near the $34.00–$34.20 resistance zone, such as:
Rejection wicks on the 4H/daily timeframe
Bearish engulfing or pin bar formations
Breakdown below local support levels near $33.50
If confirmed, I will consider initiating short positions, with targets around:
First Target: $32.60
Second Target: $31.80
Stop-Loss: Above $34.50 (structure-based)
📝 Conclusion: While silver continues to enjoy broad bullish momentum, technical resistance at $34.20 could serve as a turning point. Combined with shifting macroeconomic narratives, this level offers a high-reward zone to look for potential reversal and short opportunities, provided the right confirmation signals develop.
Stay tuned — I’ll provide further updates as price action evolves.
Following our earlier forecast on April 22, 2025 — where we highlighted a retest and potential reversal at the $33.60 level, which was successfully fulfilled — we now turn our attention to the next critical price region. As price action unfolds, I will be closely monitoring the $34.20 area for potential short (sell) setups, contingent on price behavior and broader market confirmation.
🔍 Technical Outlook
Resistance Zone at $34.00–$34.20: This area has previously acted as a strong resistance zone, marking a significant swing high from March 2024. A confluence of Fibonacci extensions (specifically the 127.2% extension from the January–March leg) also aligns here.
Bearish Divergence on RSI (4H and Daily): As silver approaches $34.20, momentum indicators are beginning to show early signs of bearish divergence, suggesting that upside strength may be waning.
Rising Channel Breakdown in Sight: Price remains within an ascending channel since mid-March, but a test and failure near $34.20 could trigger a breakdown, targeting support at $32.60 and potentially $31.80 in extension.
🏦 Fundamental Drivers to Watch
Fed Policy Outlook: Recent Fed commentary continues to lean hawkish, with inflation data remaining sticky. The possibility of delayed rate cuts is strengthening the U.S. dollar and raising real yields — both traditionally bearish factors for silver.
Geopolitical Uncertainty & Safe Haven Flows: On the flip side, ongoing geopolitical tensions in Eastern Europe and the Middle East are contributing to periodic safe haven bids for precious metals. However, these flows have largely benefited gold more than silver in recent sessions.
Industrial Demand Concerns: Slowing global manufacturing PMI readings — especially from China and Germany — are raising concerns about silver’s industrial demand side. This could weigh on the metal in the coming weeks if macroeconomic softness persists.
📈 Trade Plan
I will be closely watching for bearish confirmation patterns near the $34.00–$34.20 resistance zone, such as:
Rejection wicks on the 4H/daily timeframe
Bearish engulfing or pin bar formations
Breakdown below local support levels near $33.50
If confirmed, I will consider initiating short positions, with targets around:
First Target: $32.60
Second Target: $31.80
Stop-Loss: Above $34.50 (structure-based)
📝 Conclusion: While silver continues to enjoy broad bullish momentum, technical resistance at $34.20 could serve as a turning point. Combined with shifting macroeconomic narratives, this level offers a high-reward zone to look for potential reversal and short opportunities, provided the right confirmation signals develop.
Stay tuned — I’ll provide further updates as price action evolves.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.