Silver Price Forecast – Silver Continues to See Pressures

Silver Markets Technical Analysis

Silver has fallen a bit during the session here on Monday, but it looks like the $28.50 level is going to offer significant support. This is an area where we had seen previous resistance and now market memory dictates that support could come into play. At this point, you could even make an argument that we are still very much range bound in a perhaps three level area. This happens sometimes, as the markets are noisy, but well supported in this region.

So, we have the $28.50 level underneath offering the floor in the market, but $30, of course, will offer a lot of interest just due to the fact there’ll be a lot of options there. It’s a large round figure, et cetera, and then after that, the $32 level seems to be massive resistance. That gives you plenty of room to trade silver, but you do need to recognize that silver is a very volatile and sometimes dangerous market. Quite frankly, it can be very dangerous at times.

So, make sure that you have a reasonable position size on, don’t get overly aggressive with silver. You can really get hurt doing that. But at the end of the day, I think you have a scenario where silver will continue to at least attract a certain amount of inflows on value. Silver of course has a lot of influence coming out of the interest rate markets, and of course the ability to be a bit of a safety asset, although not so much as gold does.

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