Silver Price Forecast – Silver Continues to Skyrocket

Silver Markets Technical Analysis

The silver market has shot straight up in the air during the trading session on Tuesday as we have broken above the shooting star for Monday, which of course is a very bullish sign. Silver has been on fire over the last couple of days. And I think this is a scenario where people are waiting and desperately trying to get into this market. So, I do think that a short-term pullback is more likely than not going to be looked at as an opportunity. It’s also worth noting that the $32.50 level is an area that previously had been resistant.

So, the market breaking above there is not surprisingly very bullish. All things being equal, the market will more likely than not go looking to the $35 level and at this point we might even get there during the trading session on Tuesday. If not, it wouldn’t surprise me to get there by Wednesday. The problem of course is that we are getting rapidly overstretched so it’s almost impossible to chase this market.

A short-term pullback at this point in time could drop all the way down to the $32.50 level, but there are some other areas that you might want to pay attention to. For example, the $33.70 level could be supportive also. Either way, this is a market that has gotten way too ahead of itself, so you are either long of silver and the breakout or shortly afterwards, or you’re just sitting here waiting for value to reappear because you’re not going to find it at the top of a move like this.

For a look at all of today’s economic events, check out our economic calendar.