Silver Price Forecast – Silver Continues to See Same Ceiling

Silver Markets Technical Analysis

Silver has tried to rally a bit during the trading session, and at this point in time, I think what we are seeing is the $32.35 level offers significant resistance, an area that I had pointed out previous times. So, with that being the case, I think you need to be very cautious about trying to buy it here. There is an argument to be made that a dip is actually needed in this market, as it shot straight up in the air for a couple of days, and I’m not going to lie here, I think that’s probably what we are seeing.

I don’t know if the uptrend in gold is over. I don’t know that the uptrend in silver is over, but they both look very similar today. It’s a little exhausted. So, with that being said, I think gold, if it pulls back, it’ll probably pull this market back as well. But I do see Silver finding a lot of support near the $31 level. Alternatively, if we just power higher from here and break above the $33 level, then I think Silver really starts to melt up.

I’m not looking for that to happen, but you always have to keep the Black Swan event, as it were, in the back of your mind. So that is something that you have to watch. A pullback and perhaps a buying opportunity, I could buy that and probably would buy that if it does, in fact, show itself.

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