Silver Price Forecast – Silver Continues to See Momentum Overall

Silver Markets Technical Analysis

Silver has shot straight up in the air during the trading session on Friday, as we have seen a sigh of relief maybe that the PCE numbers were basically as expected. With that being the case, the markets look like they will probably continue the same noisy but overall positive attitude that we have seen. Silver, of course, is going to be noisy in general due to the fact that it is a commodity that is traded in huge contracts, so it does tend to have a little less liquidity than gold. But it also is an industrial commodity.

It’s not just a precious metal, and I think a lot of people forget that. At this point, it looks like we are going to try to race toward the $30 level, and if we can break above there, it looks like we could continue to go much higher. At that point, I think we’re opening up the possibility of a move to the $32 level. Short-term pullback should continue to find plenty of buyers, especially near the 50-day EMA, and then again at the $28.50 level.

Silver is in a long-term uptrend, but it, as you can see, does tend to be very choppy on its pullbacks. The question now is going to be whether or not we have enough follow-through to turn things around and go higher for the longer term. It certainly looks like we’re going to give it “the old college try” on Friday, so I’m bullish, but I also recognize position sizing will be crucial.

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