Silver Price Outlook – Silver Continues to See Support at Same Level

Silver Markets Technical Analysis

The silver market rallied a bit during the early hours on Monday as the $32.50 level continues to be of interest. Keep in mind that this is a market that is extraordinarily volatile and of course will continue to be noisy over the next couple of days as we get election results in the United States. And of course, we also get the Federal Reserve interest rate decision on Thursday, both of which could cause chaos.

That being said, I think the least likely path is lower. So, I still favor an upside move, but I recognize that we are definitely in a little bit of a holding pattern. Having said that, if we do see momentum to the upside, then there’s really not a whole lot here that could keep this market from trying to challenge the 35 level again obviously, a large round psychologically significant figure, but we’ll just have to wait and see how that plays out.

Right now, I think we’re just trying to work off some of this excess froth, and therefore we may get a little bit of volatility. By the end of the week though, I would anticipate that we should have a bit more in the way of clarity. If we do break down, then this 50 day EMA near $31.56 would be something that I’d be watching for potential support underneath there. Then you have the $30 level. Anything below $30, then who knows? At that point, everything could change.

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