Silver Price Forecast – Silver Continues to See Support

Silver Markets Technical Analysis

The silver market has been back and forth during most of the trading session on Wednesday in the early hours, as it looks like we are at least finding buyers on dips, but whether or not we can truly take off to the outside still remains to be seen. Ultimately, I think this is a market that’s going to continue to look to break higher though, at least assuming that there’s going to be any risk appetite. Risk appetite has a major influence on silver as it is considered to be further out on the risk spectrum than gold, for example.

The $28.50 level is the target for buyers right now. And if we can break above the highs of the last couple of days, I think we will probably get there. On the other hand, if we do pull back from here, there will be a lot of interest paid to the $27 level, especially now that the 200-day EMA is starting to reach that area. It has been a very noisy market over the last several months and ultimately, we have drifted a bit lower, but we tested the crucial $26.50 level, and it does seem as if some of the big money came in and started buying as evident by the massive candlestick that we formed once we did touch that level.

Whether or not we get any follow through is essentially what we’re trying to sort out right now, but as things look right now in the very short term, there are a couple of candlesticks, meaning the previous couple of days, that clearly define a resistance barrier that, if overcome, should attract plenty of inflows.

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