Silver Price Forecast – Silver Conintues to See Pressures

Silver Markets Technical Analysis

The silver market has gone back and forward during the course of the trading session on Friday, as it looks like we are just hanging around. The 50 day EMA and at this point in time, it’s likely that we could go looking to the $30 level above. The $30 level above is a large round psychologically significant figure and it’s likely that if we can break above there, it’s likely that we could go looking to the $31.50 level.

Short-term pullbacks I think continue to attract a lot of attention, and I think not only the 50-day EMA will come into the picture, but I think we have the $28.50 level offering support as well. Keep in mind, silver is an industrial metal as well as a precious metal, so we are going to have to pay close attention to how the economy is going. As things stand right now, this looks like a market that just has no real desire to put on a lot of risk heading into the Labor Day weekend.

Remember, the futures market will be closed on Monday due to Labor Day, and therefore, probably not a whole lot going on here. Volumes, I’m sure, are probably low for the day. And then, on top of that, you have to keep in mind that traders are just starting to think after Labor Day of coming back to work, so we probably have a couple of fairly quiet days ahead of us.

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