Silver Price Outlook – Silver Continues to Look for Buyers on Each Dip

Silver Markets Technical Analysis

The silver market has shown itself to be a little bit negative in the early hours on Thursday, but it does seem to be trying to hang on to the $32.35 level, an area that has been important for some time. With this, I think Silver continues to see a lot of questions asked about whether or not it can continue to rally from here. And I think you need to pay close attention to the $33.33 level to give you a bit of a heads up as to whether or not that actually could be the case.

After all, the market has been rather noisy and choppy, but I also recognize that this is a market that has a lot of cross currents right now. And what I mean by this is that silver is a precious metal and it will react accordingly, especially with the US dollar falling the way it has as of late, but that’s been overdone. So that might get taken away from the bull case, at least for the short term. We also have to worry about industrial demand and that is a completely different animal altogether.

With that being the case, you need to be very cautious because industrial demand could be shrinking due to the global economy slowing down. Nonetheless, we are in a general uptrend and that’s the most important thing that I pay attention to. I don’t really try to argue with the market, I just follow along. So, these short-term pullbacks could very well end up being buying opportunities to buy on the dip as we go higher over the longer term.

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