Silver Price Forecast – Silver Continues to Look Bullish

Silver Markets Technical Analysis

The silver market has gone back and forth during the early hours on Monday as we continue to hang around just above the $32 level. That being said, this is a market that I think will continue to be very noisy, but I also recognize that the uptrend is still very much intact. Keep in mind that traders continue to look at silver as both a precious metal and an industrial one. Because of this, I think silver will lag gold in general mainly due to the fact that the industrial part of the equation is still a bit of a question mark right now, mainly due to the idea that we could be heading into a massive recession. Ultimately short-term pullbacks I do think open up the possibility of buying opportunities especially near the 50-day EMA which is near the $31.64 level.

If we do rally from here, instead of pulling back, the $33.33 level could be a little bit of resistance, and if we can break above that, then I think it opens up silver to go to the $35 level. In general, this is going to move based on the idea of what’s going on with the interest rates and the US dollar as well. So, if the US dollar does continue to shrink, that will help silver.

All things being equal, I don’t really have any interest in shorting the silver market, at least not until we’re below the $31 level, something that doesn’t look very likely in the near term. Anything below there, then you have to question the overall strength of the trend. But right now, it looks like it’s still very buy on the dip.

For a look at all of today’s economic events, check out our economic calendar.