Silver Price Forecast – Silver Continues to Look Bullish

Silver Markets Technical Analysis

Silver has rallied slightly during the early hours on Wednesday as we continue to see upward pressure, but I think at this point in time, the market is likely to try to break above $30 level, which of course is a large round psychologically significant figure in an area that caused some problems on Tuesday. This is a market that has been very bullish over the last week or so and I do think at this point, we have gotten so far ahead of ourselves that a little bit of a pullback I don’t think would be a huge surprise and I don’t necessarily think it would be unhealthy. At that point, we would have to be looking at this market through the prism of perhaps offering value.

Ultimately, this is a scenario where if we were to break above $30, then we could go looking to the $31.50 level, possibly even the $32 level. If we do pull back from here, I’d pay attention to the 50 day EMA because that of course is an indicator that a lot of people watch anyway. And then after that, the $28.50 level offer and support also. I have no interest in shorting silver, although I don’t necessarily want to chase silver all the way up at this extended area, at least in the short term. All things being equal, this is a market that I think continues to see a lot of value hunting if and when it presents that opportunity, as has been the case for some time now.

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