Silver Price Forecast – Silver Continues to Show Support

Silver Markets Technical Analysis

You can see that the silver market has shown itself to be a little back and forth as the $24.50 level continues to offer support. At this point in time, I think you have to look at this through the prism of whether or not we can find some type of momentum to break above $24.90, which then opens up the possibility of reaching the highs again.

Whether or not that actually happens remains to be seen, but I do like the idea of taking advantage of this support area right here for an attempt to try to go higher. Do keep in mind that the $26 level above is an area that you need to pay close attention to as it has been significant resistance multiple times in the past. With that being the case, breaking above that would obviously be a huge sign of confidence. If we break down below the $24.50 level, then I think you have a situation where we probably go looking to the 50-day EMA underneath.

That of course is an indicator that a lot of people will pay close attention to, and in that environment, I think you would have to assume that there’ll be some support, not only based on the 50-day EMA, but also the $23.50 level right around that same area. I don’t necessarily want to short silver, although I’m the first to admit that it’s a little stretched. I think silver’s probably going to be dragged higher along with gold, but it doesn’t necessarily make the cleanest, precious metals play as there are other things that affect it. With that being said, I’m cautiously bullish, but not willing to put a huge position on.

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