Silver Price Forecast – Silver Continues to See Volatility

Silver Markets Technical Analysis

The silver market has gone back and forth during the trading session on Wednesday as we are trying to find the floor, but ultimately, we also have to keep in mind, this is a market that is going to be extraordinarily volatile. The market will continue to see a lot of questions asked about industrial demand. And if we turn around and break above the $28.50 level, then the market could go much higher. If we can break above there, then the market is likely to go looking to the $30 level.

If we break down from here, then the 50 day EMA and the 200 day EMA squeezing this market could send it crashing through the 200 day EMA and looking to the $26.50 level. That’s an area that’s been extraordinarily supported. And if we were to drop to that area, it could set up a complex head and shoulders, but we’ll have to wait and see.

In general, this is a market that I think continues to be very noisy and therefore I think volatile, but really at this point in time, it’s over and I think is going to be very difficult to trade. Above the $28.50 level though, I am willing to take a shot at a small position, perhaps aiming for that $30 target. This is an area that I think will be difficult to overcome, but if we did, the silver market would almost certainly continue much higher at this point in time. The market will remain one that you need to be cautious with.

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