Silver Price Forecast – Silver Continues to See Buyers

Silver Markets Technical Analysis

The silver market rallied significantly to the upside on Thursday, as we slammed into the $28.50 level. The $28.50 level has been significant support and resistance more than once, and therefore a lot of market memory comes into the picture in that general vicinity. What makes that even more interesting is that we have the 50 day EMA sitting just above there. And if we can break both of those, then I think you’ll get a big of a FOMO trade coming into the market and people trying to push silver all the way up to the $31.50 level.

In the meantime, short-term back and forth trading probably makes a certain amount of sense as the 50-day EMA and the 200-day EMA underneath both attract a lot of attention. It’s also worth noting that the $26.50 level has been support and with that being the case, it’s worth looking at the past that we had seen that happen to cause the markets move back and forth. This is an area that will more likely than not cause a bit of volatility in this market that is often volatile to begin with.

The 61.8% Fibonacci retracement backs that up as well. So, it all shows a market that is essentially squeezing back and forth. With this, I think you’ve got a situation where silver continues to be noisy. But the real key is, can we break above that $28.50 level and bring more traders to the market for the upside momentum to truly take off?

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