Silver Price Forecast – Silver Continues to See Pressure to Go Higher

Silver Markets Technical Analysis

The silver market has slammed into the crucial $28.50 level, an area that previously has been resistance. And it is interesting to see how we have given back quite a bit of the gains. This tells me that we are going to continue to see trouble. This doesn’t mean that the market is going to collapse, but we have a lot of overhead noise just waiting to happen.

The area above the $28.50 level has been very difficult to overcome. Not only this time, but multiple times in the past. It extends all the way to the $30 level. So, at this point, I am a little bit cautious about trying to get long of silver here. That being said, shorting the market isn’t necessarily the easiest thing to do either because obviously momentum is to the upside. However, a lot of what we are looking at is a significant area that quite frankly, several banks have been caught manipulating. So are they going to let you get through this time? Who knows?

But that’s essentially what you’re dealing with. Silver, of course, has an economic input of industrialization into it. And of course, green technologies come into huge play for that, and geopolitical tailwinds at times also, but it’s not gold so it doesn’t necessarily behave the same way. If rates in America start to rise that will crush silver under most circumstances and could cause a pullback that I think you really need to see if you wish to buy this market.

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