Silver Price Forecast – Silve Continues to See Choppy Behavior

Silver Markets Technical Analysis

The silver market has gone back and forth during the trading session on Wednesday in the early hours as we are trying to figure out what we are going to do from here. After all, we’ve seen a lot of momentum to the upside, but it also looks like a market that’s struggling. I think with silver; you’re probably going to need to see gold break out pretty significantly and then maybe drag silver right along with it.

One candlestick that I’m paying very close attention to is the Friday candlestick of last week, because quite frankly, it was a brutal turn around later in the day, as we had initially shot straight up in the air, I remember waking up in the United States and looking at the chart and thinking, wow, this is a major breakout. And then by the end of the day, we ended up negative, it was a nasty shooting star.

Now, that doesn’t mean that we need to turn around, despite what some people will tell you. But what it does mean is that there was a lot of selling pressure above that it’s not going to be an easy walk in the park to take off to the upside. So, with that, I look at this as a market that although bullish, I think has a lot to work through. And therefore, if you are going to try to get involved, you probably need to buy dips at this point. If we turn around a breakdown below the $32.35 level, then it’s possible we could drop all the way down to the $31 level, but at this point in time, it’s a long only type of market. It’s just momentum lacking.

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