Silver Price Forecast – Silver Continues to Pressure Resistance

Silver Markets Technical Analysis

The silver market initially pulled back just a bit during the early hours on Wednesday but then turned around to show signs of strength yet again. At this point in time, I believe silver is looking at the $33.33 level, an area that previously had been a significant swing high. And if we can get the market to go above there, then you’re looking at a move to the $35 level rather quickly, I would think.

Short-term pullbacks should continue to see support near the $32.35 level, but at this juncture, I also believe that you have a situation where the US dollar may have a lot to do with where we go next. CPI numbers coming out a little lighter than anticipated has been a little bit of help here, but quite frankly, this is just a continuation of everything we had seen before. You can see that we have been rallying for about two years now, although we’ve had the occasional choppy sideways action.

It looks like we are trying to do everything we can to break out of another one of those. And as a result, I do think that it is probably only a matter of time before silver breaks much higher. I have no interest in shorting this market until we get down below the $31 level, something that we are nowhere near doing at the moment. So, with that being said, I think I have to look at each dip as a potential buying opportunity and pay close attention to this $33.33 level to see how it acts.

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