Silver Price Forecast – Silver Continues to See Choppy Trading

Silver Markets Technical Analysis

The silver market has gone back and forth during the course of the trading session on Monday, as we head towards the New York timeframe. The 50 day EMA seems to be offering a bit of resistance and of course, we also have the $31 level offering resistance, which of course is an area that has been important multiple times. If we could break above the $31 level, then I think we have a shot at this thing finally taking off towards $32.35 level.

With that being said, I do think that the market also has quite a bit of support right around the $29 level. So it’s really not until we break down below $28.75 that I think the market truly falls apart. I think we’re going sideways for a while and that does make a certain amount of sense considering there’s so much chaos in the world right now and silver is naturally volatile to begin with.

So with all of that being said, I think you’ve got a situation where you have to look at this as a sideways going nowhere market for the time being, but you could perhaps pay attention to the $28.75 level for a sign that we’re going much lower, and then perhaps pay attention to the $31 level as a sign that we could possibly go higher. Anything between those two levels probably remains noise, but short-term range bound traders might find this interesting.

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