Silver Price Forecast – Silver Continues to See Buyers

Silver Markets Technical Analysis

The silver market has been somewhat quiet and choppy in the early hours on Monday, as we are hanging around the crucial 50 day EMA. Silver of course has broken above the $28.50 level, and it looks like we are trying to break above the $29 region and go higher.

A little bit of a pullback would make a certain amount of sense because we have shot straight up in the air and recently had bounced from the crucial 200 day EMA. The $26.50 level is also a significant area of support. So, it all tied together quite nicely. Now we have a situation of whether or not we can break to the upside is still an open question. As things stand right now, I do think we can. I just think that we might be a little overdone.

Pay attention to the US dollar because if it starts to lose strength again, that will help silver. And of course, there are also inputs when it comes to the industrial demand usage of silver, which of course is a major factor as well. In general, this is a market that I think continues to see a lot of volatility, but I still think that we favor the upside overall. I have no interest in selling the silver market until we break down below the $25.80 level. If we break down below there, then we could go looking to the $22 level. If we do that, I suspect there will be a massive “risk off attitude” in all markets.

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