Silver Price Outlook – Silver Continues to See Buyers

Silver Technical Analysis

The silver market has rallied a bit during the early hours on Monday, as we are looking at the $33 level, an area that of course has been important more than once. So therefore, I think you need to be very cautious about trying to buy into this resistance barrier. All things being equal, I think you have a situation where traders will watch this market closely, understanding that the US dollar is a major driver of what we’ve seen on the price action here.

And with that, I believe that we have a situation where if we can break above the $33 level, it opens up the possibility of a move to the $35 level. Pullbacks from here are possible, possibly even likely, but I think you have to look at this through the prism of a market that is a little stretched, although it’s most certainly positive. I would not be shorting silver at this point, at least not until the US dollar changes its overall trajectory.

All things being equal, I am a buy on the dip trader when it comes to silver, especially interested in the $32 level. If we can break above the $35 level, then we could see this market really take off, but there’s a lot of work to do. And there’s a lot of volume to chew through between here and there. So, I think this is a scenario where and you are just looking for value and you are taking advantage of it when it appears.

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