Silver Price Outlook – Silver Continues to Look for Momentum

Silver Technical Analysis

The silver market has gone back and forth during the trading session here in the early hours of Thursday. This is interesting, considering that we are sitting right around the 200-day EMA. The $31 level looks to be a region that a lot of people will be paying attention to and if we can break above there, it would be a very positive sign. We did gap higher to kick off the trading session. And that, of course, is a bullish sign as well. But quite frankly, we still have a lot of repairing to do as far as the market is concerned because we got absolutely slammed for several days in a row, and now we’re trying to creep our way back to the upside.

With the pause on tariffs being at least 90 days, that does help silver in the sense that silver is an industrial metal. It’s not just a precious one, so that comes into the picture as well. Ultimately, this is a market that I think could be a bit noisy in the short term, but I think it becomes more or less a buy on the dip scenario, at least until something changes quite drastically.

The $30 level should offer support right along with the $28 level. But all things being equal, the market is certainly going to be noisy, and you need to protect yourself by keeping your position size reasonable. But I think we are in the midst of trying to form that bottom to continue the overall uptrend. If we start seeing tariff agreements between the United States and multiple countries, that will probably be like rocket fuel for silver.

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