Silver Price Forecast – Silver Continues to See Noisy Movement

Silver Markets Technical Analysis

Silver has been back and forth during the course of the early hours on Monday, but it hasn’t necessarily been extraordinarily negative and that is something worth paying attention to. After the vicious sell off on Friday, the question now is whether or not this ends up being a buying opportunity. I think the answer is yes. The question, of course, being when do you get involved? Well, I probably will start to look at shorter term charts for the patterns and try to jump in when momentum picks up to the upside.

Given enough time, the market could very well go looking to the $31.50 level after all and then we have the possibility of the market going to the $32.50 level. Underneath I see the $30 level as being crucial, and with the 50 day EMA racing towards it, I think a lot of buyers will jump into the market in that area.

There may be some knock on effect from the US dollar, but there’s also a lot of knock on effect due to geopolitics right now. The whole world seems to be a mess, and owning a little bit of precious metal isn’t necessarily the worst idea. Silver is a poor person’s way to buy gold, at least so they say. So, it does make sense that a lot of retail traders are getting involved. The question now is whether or not any central bank cutting will bring the demand for silver up. Because if that does, we could see silver really take off to the upside. Either way, I don’t have any interest in shorting the silver market.

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