Silver Price Forecast – Silver Continues to See Support Underneath

Silver Markets Technical Analysis

Silver initially did try to rally a bit during the trading session on Tuesday but has given back a bit of the gains to show signs of hesitation. The $31 level, of course, is likely going to continue to be an area that people pay attention to. And therefore, I think a little bit of exhaustion probably comes into the picture, but I don’t know that it’s that big of a deal. Ultimately, this is a market that may have gotten a little bit of stretch.

So, I think really at this point, we’re just working off some of the noise. The $30 level underneath is an area of significant psychological and structural importance so that is worth paying attention to. If we can break above this little bit of resistance at the $31.50 level, then the $32.25 level might get targeted. In general, this is a market that I think continues to see a lot of value hunting and therefore buy on the dip behavior. The 50 day EMA is closer to the $29.33 level and is rising.

So, with that being the case, I think that’s your short term floor. Silver has been bullish for a while, but silver is so noisy. You have to be very cautious with position sizing and therefore it does make a lot of sense that we will see you know, best treated as a market that is something that you’re bullish on, but you’re not aggressive in as you can get hurt quickly if you are not careful.

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