Silver Price Outlook – Silver Continues to Look Strong

Silver Markets Technical Analysis

Silver has pulled back initially during the trading session on Friday, only to turn around and show signs of life. Ultimately, this is a market that I think is trying to break out and go to much higher levels. We have been very bullish for some time, but all things being equal, I think every time this market pulls back, you have to look at it through the prism of a potential buy on the dip situation. If we can break above the $35 level, it’s likely that silver is really going to take off. The gold market, of course, has been very bullish and has broken out significantly.

So, I think that given enough time, silver will, of course, catch up. That doesn’t necessarily mean that we are going to see a shot straight up in the air. And I do think that silver has some work to do, but all things being equal, I don’t have any interest in getting short of this market. The $33.33 level below is previous resistance, and it should now be support.

It’s worth noting that the Thursday candlestick was extraordinarily bullish, so there is a lot of momentum here. And if we can continue to see the move to the upside, then the silver market will eventually break the swing high and go much higher. Given enough time, that’s exactly what I expect to see. But I also recognize that we are a little stretched in the short term, so perhaps waiting for a bit of value might be the way to go.

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