Silver Price Forecast – Silver Continues to See Noise

Silver Markets Technical Analysis

The silver market has been very noisy over the last couple of days, and it does look like we are trying to do what we can to rally, but it’s not going to be easy. I think, and at this point, it’s a scenario where traders continue to look at this as a market that’s going to be sensitive to the US dollar and to the interest rate situation in the bond market, and then, of course, geopolitical tensions.

Silver is a precious metal to a point. But ultimately this is a market that’s also an industrial metal. So you have to pay close attention to that as well. In general, I do believe that we will attempt to go looking to the $28.50 level, but it’s going to be a tough fight if we do break down from here.

And it’s possible the $26 level is a hard floor in the market, as it is not only previous support and therefore, I think it will be seen that way. Again, we also have to look at it through the prism of a market that is trying to establish some type of base in that region. As we say right now, you’re a buyer of dips, but don’t get too big in this market. You can get hurt really quickly trading silver if you are not careful, which is the most important thing to remember.

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