Silver Price Outlook – Silver Continues to Look Strong Despite Pullback

Silver Markets Technical Analysis

Silver has pulled back just a little bit during the early hours on Wednesday as we are clearly overbought. That being said, this is a market that is likely to continue going higher over the longer term, but we do need to find some type of value.

Quite frankly, I would like to see the market pull back to at least $33.75 before I get involved, but the question now of course is whether or not we can even get there. The one thing that I won’t be doing is short selling the silver market because quite frankly, it is far too strong, and it will more than likely be a market that continues to see a lot of interest by the trading community on the whole.

In general, I do believe that the $32.50 level is going to continue to be important. So, if we do pull back from here, I think we’ve got a situation where this is an area that we should see a lot of market memory as it was previously a massive top in the market. This assumes that we even fall that far. Overall, I think we’ve got a situation where we do eventually go looking to the $35 level, but this is a very dangerous market to get overly aggressive in, and I certainly don’t like chasing FOMO in this market. Nonetheless, again, if you are patient enough, you should find some value in the next few days that you can take advantage of.

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