Silver Price Outlook – Silver Continues to Look Very Strong

Silver Markets Technical Analysis

The silver market initially pulled back just a bit during the early hours on Wednesday but then turned around to show signs of life again. By doing so, the market is likely to continue to go higher, perhaps trying to break above the recent swing high near the $34.22 level. Don’t get me wrong, silver is a very volatile market, but it’s clearly a one way market at the moment. With that being said, I think you have to be very cautious, but on a breakout, I don’t see any reason why silver won’t end up all the way up at the $35 level.

Ultimately, if we can break above the $35 level, it’s very likely that we could see silver really make a huge run. And in the past, it has broken that area only to run all the way to the $50 level. So, keep that in mind. Short-term pullbacks, I think, continue to be buying opportunities in this market as silver is so obviously bullish at the moment that you would think that there would be plenty of FOMO traders trying to get involved as well.

The $33.33 level, the $33 level, and of course the 50 day EMA at the $32.35 level all come into play as potential entries on any type of pullback. As far as selling is concerned, I just don’t have any interest in trying to get too cute here. I like the idea of buying silver every time it pulls back in order to take advantage of value.

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