Silver Price Forecast – Silver Continues to See Upwards Momentum

Silver Markets Technical Analysis

The silver market rallied a bit during the early hours on Monday, albeit in a much quieter fashion than they did on Friday. As we smash through the $32.50 level on Friday, it opens up the possibility of the next move higher, and I do think the next leg higher is very much underway. At this point, I think we’ve got a situation for the market probably going to the $35 level, as the silver market is very technically driven and does like large round numbers.

Short-term pullbacks I do think offer plenty of value that people are more than willing to take advantage of. Furthermore, the $32.50 level should now have a ton of market memory attached to it as it was so resistive in the past. Silver of course moves on the idea of interest rates dropping, the US dollar perhaps weakening, although that doesn’t have to be the case, and then again, we also have to look at the industrial usage for silver.

In general, I do think that the geopolitical aspect of trade is quite often forgotten, but I think that’s also a minor part of it. Everything aligns up for higher precious metals pricing. And of course, silver is going to get some of that knock on effect from gold. So with that being said, this is a market that I have no interest in trying to get short of, and I do think that it is probably only a matter of time before we have a move to the $35 level.

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