Silver Price Forecast – Silver Continues to See Negative Pressure

Silver Markets Technical Analysis

The silver market initially did try to rally a bit during the early hours here on Friday but has since pulled back a bit. Ultimately, this is a market that I think given enough time probably has to have a bit of a bounce. But right now, it’s probably worth noting that while gold did bounce, silver looks a little lackluster.

The market at one point in time was paying close attention to $28.50. We have obviously broken down below that pretty significantly. And now we will have to see if we can recapture the $28.50 level, or do we need to drop down to the $26.50 level?

Either way, we are not done moving. And one thing that I would say about the $26.50 level is that we do have the 200 day EMA there. Silver does look very broken, and we recently formed a massive double top. So, I’m not quick to jump into this market to say the least. However, if we do recapture $28.50, I put money to work. I would reevaluate the entire situation if we do drop towards the 200 day EMA and on signs of a bounce might be willing to take a short-term trade.

With that being the case, I would only trade tiny positions in this market anyway. The gold market is likely to be a better alternative at this juncture, and because of this, I think silver is probably better left alone, at least at the moment.

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