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Focus on Silver today – 3rd April 2024 

In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the Silver for 3rd April 2024. 

Key Takeaways 

  • Silver industrial demand rises: Upcoming interest rate cuts from central banks and a recovery in industrial output suggest positive demand for silver in the long term. With developments of photovoltaic industry where silver is the main raw material, it is estimated that the demand will reach 6,732.3 tons by 2025.  
  • The gold-silver ratio drives mean reversion: Compared to gold, silver has been historically undervalued. The ratio of gold-to-silver approaches 90-10, while the average historical peaks was 60-40. This implies that silver prices may recover further in the future to catch up in terms of ratio disparity.  

Technical Analysis 

Daily Chart Insights 

  • Stochastic Oscillator: The indicator rose sharply yesterday, indicating a strong bullish trend. Short-term sentiment remains towards the upside bias with opportunities for an extension.  
  • Downtrend Line: Following a breakout from the previous downward trend line, overall upside bias remains debatable. Current momentum suggests a short-term retracement before an extension towards the upside.  

4-hour Chart Analysis 

  • Stochastic Oscillator: The indicator rose further in the overbought area, indicating possibility of a pullback in the near future.  
  • Elliott Wave Theory: The upside bias of silver is imminent, with price action showing a 5-wave upward driving wave structure (currently in wave 5). The upper channel line formed by connecting waves 2 and 4 is the potential end price for wave 5. 

Pivot Indicator 

  • According to the trading central in Ultima Markets APP, the central price of the day is established at 24.40, 
  • Bullish Scenario: Bullish sentiment prevails above 24.40, first target 27.00, second target 28.70; 
  • Bearish Outlook: In a bearish scenario below 24.40, first target 23.20, second target 22.40. 

Conclusion 

To navigate the complex world of trading successfully, it’s imperative to stay informed and make data-driven decisions. Ultima Markets remains dedicated to providing you with valuable insights to empower your financial journey. 

For personalized guidance tailored to your specific financial situation, please do not hesitate to contact Ultima Markets. 

Join Ultima Markets today and access a comprehensive trading ecosystem equipped with the tools and knowledge needed to thrive in the financial markets. 

Stay tuned for more updates and analyses from our team of experts at Ultima Markets. 

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Disclaimer   

Comments, news, research, analysis, price, and all information contained in the article only serve as general information for readers and do not suggest any advice. Ultima Markets has taken reasonable measures to provide up-to-date information, but cannot guarantee accuracy, and may modify without notice. Ultima Markets will not be responsible for any loss incurred due to the application of the information provided.  

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