Silver Price Forecast – Silver Continues to See Support at 30 USD

Silver Markets Technical Analysis

The silver market initially dipped a bit during the early hours on Thursday, only to turn around and bounce from the trend line. At this point, it looks like we are still hanging on to the area above the $30 level and of course, we have the 200 day EMA sitting just below that uptrend level as well. And as a result, I think you’ve got a situation where market participants will continue to look for value on these dips. If we bounce from here, and it looks like we very well could, I suspect that the next major barrier will be closer to the 50 day EMA, which is near the $31.20 level.

If we can clear that, then it allows silver to go higher, perhaps as high as $35. On the other hand, if we turn around and break down below the 200 day EMA, then it’s possible that we could really start to fall apart. That being said, I do think that you’ve got a situation where at the very least, I think we’re going to have to look at this through the prism of a scenario where you’re just looking at this as trying to build a little bit of a base and try to build up enough confidence to turn around and go higher. That being said, expect volatility and you need to be very cautious with your position sizing. But ultimately, I do think we’re in an area where you might find some value.

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