Silver Price Forecast – Silver Continues to Recognize the Same Ceiling

Silver Markets Technical Analysis

Silver has pulled back just a bit in the early hours of Thursday as we continue to see the $32.35 level offer a bit of a ceiling. Not being able to break above there isn’t a huge surprise. It’s an area that’s been important multiple times. And furthermore, we also have to keep in mind that Friday will be the non-farm payroll announcement, and that will have a major influence on where we go next via interest rates and the US dollar. Nonetheless, I do think that there’s a lot of underlying pressure here in the silver market, that suggests that buyers are still interested in owning it.

So, a pullback to the $31 level, although somewhat scary, could very well bring in more buyers. On the other hand, if we break out above the highs of the week, then it could open up a move towards the $35 level. The market has been in an uptrend for some time, but as you know, silver is very volatile and very choppy sometimes, so you have to be very cautious.

I do not have any interest in trying to get too aggressive here. And I do think that you are probably going to be better off waiting until we get through the Friday non-farm payroll announcement at 1.30 PM GMT or 8.30 AM New York time before you start to try to act on this. Jumping in ahead of time is simply gambling and this is not a market that you want to gamble with, as the volatility can be very dangerous if you are overexposed.

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