Silver Price Forecast – Silver Continues to See Supporters

Silver Markets Technical Analysis

The silver market rallied a bit during the early hours on Tuesday as we are threatening the 50 day EMA. The 50 day EMA, of course, is an indicator that a lot of people pay close attention to, and therefore, if we can break above there on a daily close, then I think that will bring more FOMO trading into the market. Short-term pullbacks, we will see plenty of support near the $30 level, and of course, the trendline and the 200-day EMA are just below there. In other words, I think we are in an area where we are trying to do everything, we can to build up some type of base.

This base could lead to a continuation of the uptrend, but we need something to get the market going. That thing could end up being gold. If gold starts to take off again, then generally speaking, it will drag silver with it, and sometimes it’s even the other way around. If we do get a move higher, I do think that eventually we will try to test the highs again near the $35 level.

Keep in mind that the next couple of days will probably be somewhat choppy as we wait for the jobs number on Friday, because silver is an industrial metal, not just a precious metal, and therefore things like employment matter. So, with all of that being said, I am still bullish on silver, but I don’t have a big position.

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