Silver Price Outlook – Silver Continues to Power Higher

Silver Markets Technical Analysis

The silver market has shown itself to be fairly resilient and bullish during the trading session on Thursday in the early hours as we are now doing everything we can to try to break out to the upside. With that being the case, I think you’ve got a situation where traders will be looking to buy each and every dip along the road, with special attention being paid to the $33.33 level and the $33 level. Underneath there, we have the 50-day EMA, which is close to the $32.50 low.

If we can break out above the highs of the last couple of weeks, then it gives us a real chance to go to the $35 level, which I think would obviously attract a lot of attention. Historically speaking, once we get above $35, we quite often will see the market trying to get to the $50 level. It’s only happened a couple of times in the past, but it’s been a pretty explosive rally.

As things say right now, this remains a buy on the dip type of market that you have to keep in the back of your mind as one that could be very explosive, but it’s also very volatile and you do have to be careful with that. So, with all of that in mind, I’m bullish, I just recognize that we probably get a lot of choppiness between both buyers and sellers going forward.

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