Silver Price Forecast – Silver Continues to See Volatile Moves

Silver Markets Technical Analysis

Silver initially pulled back just a bit during the early hours on Friday, but it looks as if we are starting to see value hunters come back into this market. Quite frankly, we are in a massive uptrend, so that should not be a huge surprise, and I think all things continue to point towards higher pricing. The $32.50 level is an area that previously had been major resistance and now should be major support. With all of this being said, I think you’ve got a situation where silver continues to move on with interest rates being cut by central banks and of course the idea of geopolitical concerns driving precious metals higher.

Silver also has its industrial component so that comes into the picture as well, but with this environment I think you have to just simply look at the momentum. Markets are definitely shifting in one direction and although the market is continuing to see a lot of volatility the last couple of months have been rather strong and there’s no real letup on the chart from what I can see. I think as long as we can stay above the $32 level the market itself is very much in an uptrend and it’s likely to go looking toward the psychologically important $35 level above, which I would anticipate could be a bit difficult due to the fact that there almost certainly will be a significant amount of options barriers in that area.

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