Silver Price Outlook – Silver Continues to See Buyers

Silver Technical Analysis

The silver market broke higher during the trading session on Wednesday again, clearing the 50 day EMA. We are now hanging around the $33 level as I record this. That being said, we continue the massive V shaped recovery after that forced liquidation that we saw in the precious metals markets a couple of weeks ago.

Silver, of course, is going to continue to benefit from the shrinking US dollar and the run to safety, although it’s not as much of a safety play as gold is obviously, but regardless, I think you have a situation where traders are just simply running back into what was once a very bullish market that got sold off because people had to cover other disasters. This will continue to be a factor going forward as well.

So, with all that being said, I really don’t see anything that’s going to keep silver from getting to $35 eventually. Although it may be more of a grind. Silver, as you can see, fell apart quite rapidly, and while it’s been nice and aggressive move to the upside, it’s not as quick. So, keep that in mind. Short-term pullbacks will probably continue to be interesting for traders to pay close attention to for value. I just don’t have any interest in shorting silver anytime soon, so do keep that in mind. If we can break above the $36 level, this thing is going to launch much higher. In this environment, it would be more of a “runaway market.”

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