Silver Price Outlook – Silver Continues to Grind to The Upside

Silver Markets Technical Analysis

Silver has rallied rather significantly during the early part of the Thursday session, but it’s also worth noting that the market is going to be dealing with a lack of liquidity as the United States is in a National Day of Mourning for Jimmy Carter. So, I don’t know how much I read into this candlestick, but what I will read a lot into is how we react on Friday to the non-farm payroll announcement.

The 50-day EMA is being challenged at the moment. That, of course, is an area that I’m watching and if we can get to the $31 level on a daily close, I think at that point I’ll be more convinced about the recovery. We are currently hanging around just below the previous uptrend line, so that’s perhaps something to pay attention to as well.

But really at this point, I think you’ve got a scenario where there’s so much noise going on in the market, especially externally with interest rates and the like, that you can certainly see why it makes sense that we would be at a major area of inflection. The next 24 hours should be rather crucial, and we’ll see. If we close above the $31 level, I become bullish. If we don’t, I think silver still has quite a bit of trouble ahead of it.

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