Silver Markets Technical Analysis
If silver can break out above the $31.50 level, I suspect we are going to go higher. This is a market that has been building a bit of a base for a while and now, I look at this through the prism of a market that has pulled back to a major round of figure to find support in the form of $30, but also has been bouncing around between the 50-day EMA and the 200-day EMA while touching a trend line about a week ago.
So, with all of this tied together and the fact that we’ve been in an uptrend for quite a future here to go quite a bit higher. If we can break above the $31.50 level, then I look for silver to go to the $33 level, followed by the $35 level. Short-term pullbacks and a breakdown below the 200-day EMA are all possible, but a breakdown below the 200-day EMA probably has the US dollar swallowing everything out there, including silver.
Silver is an industrial metal as well, though. It’s not just a precious metal. So, keep that in mind. It could have a major influence on how it behaves, especially around that non-farm payroll announcement on Friday. As things stand right now, it looks like we are getting ready to take off to the upside. So, I am watching this market for a potential breakout above this obvious barrier, which could bring in the FOMO.
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