Silver Price Forecast – Silver Continues to See Overhead Pressure in Bullish Trend

Silver Markets Technical Analysis

The silver market initially tried to rally during the early hours on Monday only to turn around and show signs of exhaustion. All things being equal, this is a market that I think continues to see a lot of noisy behavior as we have a lot of choppy behavior and ultimately, I think this is a situation where the market continues to look at the $33.33 level as support as it had previously been resistance and support. So, I think that silver is a market that will probably continue to go higher, but we may have to drop a bit in order to offer enough value for people to get excited about buying it again.

With that being said, I think you also have to keep in mind that the $35 level above has been a significant resistance barrier. And therefore, if we were to break above there, it would be a very bullish turn of events. I have no interest whatsoever in shorting silver, nor do I want to short gold as the two tend to move in the same overall direction.

The US dollar shrinking will help silver. Interest rates, we’ll have to wait and see how those play out. But if rates start to really sell off that might help as well. In general, I think this is a market that I think continues to see a lot of choppy behavior, a lot of volatility, and a lot of dangerous moves. But at the end of the day, I still think that we have a scenario where the buyers will continue to look at pullbacks as buying opportunities to pick up cheap ounces of silver.

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