Silver Price Outlook – Silver Continues to See Support

Silver Markets Technical Analysis

The silver market was rather bullish during the early hours on Friday, as it looks like we are ready to bounce off here, perhaps going towards the 50 day EMA and then the $32.50 level. This is a market that of course is typically very noisy, but the fact that we are bouncing from the $30 level shouldn’t be much of a surprise because quite frankly, it’s a large round figure that a lot of people will pay close attention to if we can get above this 50-day EMA I think that we not only get to the $32,50, but I think we probably continue to go Much higher ultimately this is a market that I like buying dips in because we had gotten so cheap It’s probably only a matter of time before the value hunters get involved anyway.

It’s probably worth noting that we are between the 50 day EMA and the 200 day EMA indicators as well and typically that’s where you see a lot of noise. The US dollar is overbought, and the US dollar has been like a wrecking ball for the silver market, but it is starting to ease some of its pressure, so I do think you have a very high likelihood of a pop higher from here. That being said, be very cautious because, quite frankly, silver can be a very dangerous contract to trade, so keep your position size reasonable as per usual.

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