Silver Price Forecast – Silver Continues to See Buying Pressure

Silver Markets Technical Analysis

The silver market initially pulled back just a bit during the early hours on Friday, but then turned around pretty drastically after the jobs number came out and shook the market up. After all, if there are more jobs in America being added, that means there will be more industrial demand for silver.

It’s also worth noting that gold also rallied as well because I do believe that Wall Street looked at this as a sign of economic strength, but not necessarily any fears whatsoever about the Federal Reserve going back on its plans of cutting rates. And if that’s going to be the case, everybody’s happy, and therefore assets start to rise in value. Short-term pullbacks should continue to be buying opportunities. And I do believe now we probably have, I’d say, a bit of a floor right around the $30 level. The 50-day EMA is also there as well.

So it’s also worth pointing out the longer term move was a pullback between the 50% Fibonacci retracement level and the 61.8% Fibonacci retracement level, a classic pullback and continuation play. So now it looks like we will focus more on the $30 level to determine the trend, whether or not we’re above there or below it. But I do think that we will go higher from here. In fact, I’d be a bit surprised if we pulled back to the $30 level at least anytime soon. As things stand right now, I think we’re very seriously thinking about trying to get to the $35 handle.

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