Silver Price Forecast – Silver Continues to See Buyers Overall

Silver Markets Technical Analysis

The silver market continues to be supported underneath and at this point in time, it looks like the $30 level is in fact going to end up being a floor in the market. With all of this being said, I think you’ve got a situation where traders are going to continue to look at silver through the eyes of central bank behavior, and of course, liquidity measures being brought into the fray. Remember, although silver is a precious metal, it’s also an industrial one, so there is a lot to be said about that as well.

Short-term pullbacks I think continue to be supported near the $30 level, especially now that the 50-day EMA sits right there also. To the upside, we have the $32.50 level offering resistance and perhaps a bit of a target. If we can get a daily close above the $32.50 level, then I think silver has a real shot at going much higher over the longer term.

Either way, I don’t have any interest in trying to short sell this market because quite frankly, it has so much in the way of strength and momentum. That doesn’t mean that we just take off to the upside right away, but what it does mean is that you definitely have concerns about getting short of silver because the market can turn around so viciously. With all of this being said, I think you look for value on dips to take advantage of.

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