Silver Price Forecast – Silver Continues to See The Same Barrier

Silver Markets Technical Analysis

Silver continues to see a lot of back and forth at the $32.35 level, an area that has been rather difficult to get above. And therefore, I think you’ve got a situation where traders will be looking at this through the prism of whether or not we can pick up the necessary momentum and buying pressure.

It is worth noting that the original blowout candlestick from Friday got completely repudiated and at this point in time, it looks like the markets are going to continue to be maybe leaning to the upside, but that was one massive turnaround. Keep in mind that it’s President’s Day in the United States, so a lot of bank traders won’t be around, but it is worth noting that we’re still very much in an uptrend going back to Christmas time of last year.

So, it’ll be interesting to see if a pullback does bring in more buyers. It certainly looks as if we are seeing more upward pressure at the moment but whether or not we get past this candlestick that we formed on Friday is going to be a completely different question, and of course, a major barrier to overcome. I think silver continues to lag gold overall. So truthfully, I actually prefer gold over silver, but I do recognize that there’s at least an attempt to finally break out to the upside and go chasing $35 level, a major swing high form previous trading in this market.

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