Silver Price Outlook – Silver Continues to See Support

Silver Markets Technical Analysis

Silver has bounced just a little bit during the early hours on Friday as the $32.50 level, a major area of interest when it comes to silver. Remember, the $32.50 level had been major resistance previously, and now it looks like it is going to offer support based on what we’ve seen already on Friday. The candlestick on Thursday was rather negative, but really at this point in time, I do think that we have a situation where value hunters have come back in and try to pick up cheap ounces of silver. As long as we can stay above the $32.50 level, then I think we’re in good shape. If we were to break down below there, then you could be looking at a move down to the 50-day EMA.

Pay close attention to the US dollar. It will have a major influence. And the jobs number on Friday was a bit of a mess because there are a lot of ifs, ands, or buts in the report due to the hurricane effect on employment. So, I think they may look past that and just focus on the trend. However, silver as per usual is a market that you don’t want to get overly exposed to because it is so volatile. Keep your leverage somewhat low, as losses can pile up quite a bit in this market, as the contract is so big, and the market is so volatile.

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