Silver Price Forecast – Silver Continues to See Buyers

Silver Markets Technical Analysis

The silver market exploded to the upside during the trading session on Wednesday, as we are now well above the $30 level. The $30 level course has a certain amount of psychology attached to it, and if we can stay above here on a day like close, that would be a very bullish sign. Short term pullbacks will more likely than not end up being buying opportunities, but I also think that you have to look at this through the prism of a market that is trying to find value.

And while I think maybe we eventually will in the short term, with the holiday coming up on Thursday, the US Independence Day and the jobs number on Friday, really what you’re waiting for is some type of pullback so you can enter. It’s already shown you which direction it wants to go. And now your job is just to simply get on the same side of the trade.

With that being said, the lack of liquidity over the next 36 hours or so makes this a difficult market to jump all over in a huge position. But if it does pull back a bit, you can start to pick away at building some type of bigger trade. Underneath we have the 50 day EMA near the $29 level, and then after that we have the $28.50 level. So therefore, I think you need to keep in mind that this is a market that’s almost impossible to sell. But that doesn’t necessarily mean that you jump all in right away.

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