Silver Price Outlook – Silver Continues to See Choppiness on Monday

Silver Markets Technical Analysis

Silver has gone back and forth in the early hours on Monday as it looks like we are just hanging on to the consolidation area and trying to determine where to go next. The $32.50 level is an area that previously had been significant support. So, at this point in time, I would anticipate that it should be rather important. If we get there, I would anticipate that there should be buyers.

The market memory attached to that is fairly strong and I think plenty of value hunting part of the plan there. With that being said, I also recognize that silver is a pretty wild instrument to trade at times due to the fact that it has a certain amount of interest rate sensitivity, but it also has a lot of sensitivity to the US dollar.

There’s also the geopolitical concerns, you know, is the political situation around the world as something that you want to protect your wealth in. So that’s one question, but you also have to ask questions about industrial usage. So, it does cause a lot of volatility. Nonetheless, I believe at this point in time, we are looking at a buy on the dip market, but you must do so with a reasonable size position, as this market can cause massive swings in your profit and loss statements, and this can cause a lot of uncertainty if silver is a huge position or part of your portfolio.

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