Silver Price Forecast – Silver Rallies on Thursday

Silver Markets Technical Analysis

The silver market has rallied significantly during the early hours on Thursday as we have broken above the $31 level, and now it looks like we are ready to perhaps try to go higher. For what it is worth, about the only thing I see here would be the previous uptrend line offering a little bit of resistance and we have respected that for a while, but a higher move from here almost certainly will bring in a lot of buyers to push this market towards the $32.35 level. Short-term pullbacks should continue to be buying opportunities in silver, extending from $31, which now should be support based upon market memory, but all the way down to the 50 day EMA could also be considered support.

All things being equal, this is a market that I think continues to see a lot of noisy trading. And as usual, you need to be very cautious about your position size due to the fact that silver is so volatile. But all in all, I do think this is a market where we have a lot of people looking back and forth for short term buying on the dip opportunities, and I think you are in fact starting to see that.

If we could break above the $32.35 level, the market could very well go looking to the $35 level over the longer term. Gold is rallying quite significantly, and that might be dragging silver right along with it, but regardless, we are picking up momentum to the upside, and that of course is a very bullish sign.

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