Silver Price Forecast – Silver Continues to See Volatility

Silver Markets Technical Analysis

The silver market initially fell during the trading session on Friday but has turned back around and is stabilizing after the jobs numbers came out slightly higher than anticipated, but really nothing to set the world on fire. They came in 4,000 or 5,000 jobs added, more than anticipated.

So really at this point, I don’t know if non-farm payroll comes into the picture, but if we can get the silver market above the $31.50 level, I think it’s got a real shot at going higher. Technical analysis does suggest that would finish a W pattern, which obviously is very bullish and could send this market looking towards the $33 level initially, followed by the $35 level, which was the swing high that we had recently seen.

Alternatively, if we do pull back, I think there’s a ton of support near the $30 level, as seen a couple of times already, especially now that the uptrend line is starting to catch up with it. So, with all of this being said, I do think that silver ends up being a buy-on-the-dip opportunity, and as long as we stay above the $29.50 level, I think we’re in general, okay. But really, what we need to see here is a little bit of momentum. If we can get some momentum into this market, then it’s probably going to be a pretty decent mover at that point.

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