Silver Price Forecast – Silver Continues to See Choppiness

Silver Markets Technical Analysis

Silver continues to go back and forth overall as we are a little bit stretched at the moment. That being said, it is obviously a very bullish market, and I don’t have any interest in trying to short this market and I think that anytime there is a bit of a dip, there are buyers out there willing to take advantage of cheap metal.

If we turn around and break above the top of the shooting star from a couple of days ago, then it opens up the possibility of a breakout above the $30 level and then perhaps sending the market towards the $31.50 cents level. Short-term pullbacks at this point in time should see plenty of support near the 50-day EMA,  perhaps even below there at the $28 50 cents level.

Silver, of course, is very volatile, so you have to be cautious with the market anyway, as it is an industrial metal right along with a precious metal. So, it does have a lot of different things pushing it around. Pay attention to the US dollar. If it is in fact going to strengthen, that could work against silver. But if it starts to fall even further, that only adds more upward pressure on silver. Keep your position size reasonable.

There are a few markets out there that can hurt you like silver can, and therefore you need to be very cautious. All things being equal though, I do think you’re looking for value to take advantage of on dips in a market that has proven itself multiple times to be aggressive.

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