Silver Price Forecast – Silver Continues to See a Ceiling

Silver Markets Technical Analysis

The $30 level of resistance will attract a lot of attention in the silver market, as it is a large round psychologically significant figure and an area where we have seen a lot of noise. At all things being equal, this is a market that I think continues to see a lot of volatility and at this point in time it’s very possible that a short-term pullback will appear. If we get that, I think the 50-day EMA would be a significant support level that a lot of people would be paying attention to near the $29 level.

If we break above the top of the shooting star from the Monday session, then that could send this market towards the $31.50 level. In general, I believe this is a scenario where traders will continue to see a lot of choppy back and forth behavior, but I do think that we have a situation where the market is very bullish and therefore, I don’t have any interest in trying to get short of this market.

I think at this point in time this is a market that will continue to look to the upside but whether or not it can get there right away remains completely Different question it’s not until we break down below the $28.50 level that I think something a little bigger would be going on to the downside but right now I think we’re just trying to build up enough momentum to finally go higher.

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