Silver Price Forecast – Silver Continues to See Choppiness

Silver Markets Technical Analysis

The silver market has gone back and forth in the early hours on Tuesday as we continue to hang around the crucial $28.50 level. The $28.50 level of course is an area that’s been both support and resistance multiple times in the past. And it does look like we are having a little bit of a fight in this area. The 50 day EMA above continues to offer a bit of resistance as well. And then again, we have the $30 level where the last few sessions had ran into a bit of a brick wall. Breaking above the $30 level, then it opens up the possibility of a much bigger move, which is something that it does from time to time.

The market of course has been very noisy, but I also recognize that there are a lot of things going on that will throw silver around. As we are stuck between the 50 day EMA and the 200 day EMA indicators, it suggests that there’s a lot of confusion, but we also have to see that silver is not only a precious metal, which of course is going to be very crucial in times of rates dropping and of course, political and economic instability, but it’s also an industrial metal. So that is actually working against it. Because of this, I think you continue to see a lot of back and forth and choppy behavior, but I think it’s easier for silver to rise than fall, at least at this moment.

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