Silver Price Forecast – Silver Continues to See Noisy Bullish Behavior

Silver Markets Technical Analysis

Silver has pulled back during the trading session on Friday but found enough buyers to turn things around yet again. What’s interesting to me is that the previous uptrend line that had been resistance now has offered support. Somewhat interesting. At this point, the market looks like it could go higher and with the threat of tariffs coming out of the United States on Canada and Mexico, that does suggest that people are going to be protecting their portfolios, perhaps with precious metals.

Now, having said that, what’s interesting is that gold has broken out to a fresh new high, and silver is a bit of a lagger, but that does make sense due to the fact that silver is also an industrial metal. Quite frankly, I think you’ve got a situation where silver might try to play catch-up, and the first target will be the $32.35 level, an area that’s seen a lot of noise in the past.

If we do pull back from here, I would expect both the $31 level and the 50-day EMA to offer support from a technical analysis standpoint. In general, this is a market that I think remains bullish, but it probably lags gold as it just simply isn’t as much of a precious metals trade only at this point. It has more to do with industry and obviously tariffs could be a bit of a negative factor here, as the industrial use scenario could counterbalance the bullishness of the precious metals side of the equation.

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