Silver Price Forecast – Silver Continues to Look For Higher Prices

Silver Markets Technical Analysis

The silver market initially pulled back just a little bit during the trading session on Monday, but then turned around to break above the $30 level. We have since seen a bit of trouble above the $30 level. So, it does make a certain amount of sense that the market is going to continue to be noisy. There isn’t a whole lot out there as far as news is concerned over the next day or two. So, we’ll see whether or not this is going to be more of a risk on the market. There probably won’t be too many headlines to have it overly concerned. So that is something worth paying attention to.

With that being said, I would like silver for a move up to the $31.50 level, but it’s going to take some time. Short-term pullbacks are most certainly possible with the 50-day EMA near the $28.90 level and rising. Obviously, a lot of this is influenced by the US dollar weakening, and if it continues to do so, that should, at least in theory, push silver much higher over the longer term.

I have no interest in shorting this market, but you do have to be very cautious with your position sizing because of the inherent volatility of this market. The central bank in America, the Federal Reserve, is likely to cut rates in September and beyond. And I think that’s part of what we are banking on here in the silver market as the negative correlation between silver and the USD is well-known.

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