Silver Price Forecast – Silver Continues to Reach Higher

Silver Markets Technical Analysis

Silver markets have rallied pretty significantly during the early hours on Thursday, as it looks like we are doing everything we can to press higher. That being said, you have to be somewhat careful with silver. It does tend to be very noisy, and therefore you have to definitely protect yourself in this market. Taking on huge positions can cause massive amounts of pain if you are not careful.

That being said, this does look like a market that’s trying to break out, and we, of course, are fighting this massive shooting star from last Friday, although we have not broken out above it yet. If we were to break out above it, then I think it opens up the door to the $35 region.

Short-term pullbacks at this point should see plenty of support near the $32.35 level. And then again, at the $32 level. This is a market that I believe is bullish longer term, but that doesn’t necessarily mean that it has to be right this second. I would be cautious, but I would also wait to see whether or not we get a pullback and a bounce or if we can break out to the upside.

Silver should follow gold, but for when it’s worth gold is struggling a little bit in the early part of futures trading, so let’s see how that plays out. Silver typically will fall right along with gold if we start to see an issue. In general, though, I don’t like the idea of shorting this market. I’m just looking for an opportunity to buy silver at a better price.

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