Silver Price Forecast – Silver Continues to See Buyers on Dips

Silver Markets Technical Analysis

The silver market has shown itself to be somewhat soft in the early hours here on Friday, as the market is likely to continue to see a lot of noisy behavior. That being said, the market is probably going to continue to see a lot of questions asked about the US dollar, whether it’s strengthening or not, and of course, whether or not the industrial demand will warrant silver going higher.

For what it is worth, the 50 day EMA underneath could offer a bit of support if we do break down from here, but the $32.35 level has been important multiple times. So, I watched this closely and wondered whether or not it holds. If it does, then it’s possible that we could go looking to see the market rally. But I also recognize that if we do rally, the $33.33 level, of course, is an area that has been resistant more than once. Breaking above there, then we have the possibility of the $35 level being targeted next.

I do think the overall uptrend probably holds, but ultimately, we’ve got a lot of noisy behavior between now and then. And as a result, I think you have to look at this through the prism of whether or not you are finding value. That’s what each and every pullback seems to be offering. And until we break down below the $31 level, I would anticipate more of the same.

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