Silver Price Forecast – Silver Continues to Look Supported

Silver Markets Technical Analysis

Silver rallied quite nicely during the trading session on Thursday in the early hours, as it looks like we are going to do everything we can to rally at this point. In general, this is a market that I think is finding significant support in this region, and I think it makes a lot of sense that we continue to do so. With that being the case, it is a market that I am more than willing to buy. I just recognize that you have to be somewhat cautious about getting overly big into the position due to the fact that the core PCE numbers are coming out on Friday.

That of course has a major influence on what the Federal Reserve sees the economy as. And as a result, I think you have to think that there’s probably some volatility coming. However, that volatility, I think, opens up the possibility of finding value with the $28.50 level underneath, offering a bit of a floor. If we can continue to go higher, then it’s likely we will go looking to the $30 level.

The $30 level of course is a large round psychologically significant figure. And it’s an area that I think will attract a lot of attention. Breaking above that opens up the possibility of a move to the $32 level, an area that previously has been extreme resistance. It does end up being a rather choppy situation we find ourselves in, but it does look like the buyers are coming back.

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