Silver Price Forecast – Silver Continues to Show Strength

Silver Markets Technical Analysis

The silver market has broken to the upside on Friday as we have broken above the $30 level and now I think at this point in time, we also have a situation where short-term pullbacks will continue to be bought into as the market is likely to continue to see the US dollar and the interest rate situation around the world continue to push silver higher keep in mind that silver is not only a significant industrial metal, but it’s also a precious metal. Because of this, there are a lot of different things pushing this market back around.

So, if precious metals continue to go higher, that being said though, if we do see the US dollar suddenly strengthen, that will slam silver to the downside. I think as long as we stay above the 50 day EMA, I do believe that the uptrend is very much intact. Keep in mind that silver is an extraordinarily volatile contract, so you have to be very cautious with your position size due to the fact that you can get very hurt very quickly, but all things being equal, this is a market that looks like it will probably go looking to test the highs that we recently made.

The silver market of course does follow gold in general, but if industrial use case concerns pop up, it can diverge. So please keep that in the back of your mind as you are trading in this highly dangerous market at times.

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