Silver Price Forecast – Silver Continues to See Buyers on Dips Despite Sluggish Thursday Morning

Silver Markets Technical Analysis

The $33.33 level continues to be important in the silver market and it is telling that we are sitting there or just below there during the early hours on Thursday. It’s also telling that we have pulled back a bit. So I think at this point in time, silver is going to remain a very much buy on the dip type of opportunity. I think a short-term pullback at this point in time offers value that a lot of traders will be paying close attention to, especially if the US dollar were to continue falling. Keep in mind that silver is also used as a precious metal at times, but I look at it more or less as an industrial commodity.

The question now is whether or not things are slowing down and not to have people worry about whether or not demand for silver is going to remain healthy. This is a balance between traders trying to find protection from depreciating currencies and trying to play a potential growth scenario. I think growth is going to slow down. So, this is probably going to follow gold more than anything else, which is right on the verge of making an all the time as I record this.

So, with that, I like the idea of buying silver on dips as value. And I look at the 20 day EMA and the $32.35 level as potential support levels. And that assumes that we can even get there. I don’t think we will, I think this is going to be a quick drop followed by a lot of traders coming in to pick up a bit of value here in this market.

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