Silver Price Forecast – Silver Continues to Pressure Upside

Silver Markets Technical Analysis

The silver market initially fell a bit against the backdrop of US dollar strength but has turned around during the trading session on Tuesday as it looks like we are trying to do everything we can in order to get the market moving to the upside. Keep in mind there is a lot of resistance just above, but it certainly looks as if we are doing everything, we can to go ahead and try to break higher.

The Friday candlestick from last week was a bit frightening as it were, considering that we had broken so much higher only to turn around and fail. But the resiliency of the silver market is something that’s capturing my attention at the moment. The $32.35 level continues to be an area of extreme interest. And I do think that short-term pullbacks probably end up being buying opportunities overall. If we do break higher, then you will have to watch the $33.35 level where we pulled back from, but all things being equal.

It’s probably worth noting that metals are at least trying to shoot higher. And of course, silver will eventually fall one way or the other along the path of how other metals like gold, palladium and platinum are doing. So, with all of this, we’ve been on an uptrend for a long time. And now I think we’re just pressuring this area, trying to break higher and find enough inertia to finally follow through. I don’t have any interest in shorting silver. And I look at short-term pullbacks as potential buying opportunities.

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