Silver Price Forecast – Silver Flinches in The Early Hours of Monday

Silver Markets Technical Analysis

The silver market has pulled back ever so slightly during the early hours on Monday, but it looks to me like the market is still well supported underneath. And I think any type of significant pullback will get bought into. The $31 level of course is a large, round psychologically significant figure, but it is nowhere near as significant as $30, which of course sitting underneath is acting as a bit of a floor. We also have the 50 day EMA reaching the 29.25 level.And I think ultimately will be a situation where traders look at that as a bit of a guide.

On the upside, we have the $32 level and I do think that we’re going to try to get there given enough time but keep in mind that silver is very noisy, and of course has been a little overstretched recently on the longer term I do think that we go higher and probably break out to a fresh new high But I also recognize that.

Ultimately, this is a market that cannot be shorted and therefore you have to look for buying opportunities which of course come in the process of each and every dip at this point. It’s not until we break down below the $28.50 level that I would be concerned about the overall trend and of course we are nowhere near there right now. With this, I am a buyer of silver on dips, but will have to be patient in order to take advantage of those opportunities going forward. I think this is a market that will eventually break out yet again.

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