Silver Price Outlook – Silver Continues to See Supportive Action

Silver Markets Technical Analysis

Silver has initially pulled back just a bit, only to turn around and show signs of life. At this point in time, it looks like Silver is trying to break above the 50-day EMA, which of course is an indicator that a lot of people will pay close attention to.

Breaking above the top of the shooting star from the previous session on Tuesday would obviously be very bullish and could open up a move to the $32 level. Anything above there, I think, opens up the possibility of the market going to the $35 level. That being said, I don’t necessarily think it’s going to be easy to get up there, but I do think that eventually we will try to do so, mainly due to the fact that a lot of people out there are trying to protect their wealth.

Furthermore, it looks as if the US economy is going to continue to hum right along, and if that’s the case, we might see more demand for silver as far as industry is concerned. Underneath current trading, we have the $30 level, which of course is a large round psychologically significant figure, and an area that a lot of people would be paying attention to anyway, due to the fact that there would be a lot of options traded there. The area between the 200-day EMA and the 50-day EMA has been supported by the $30 level as well, so I think it all ties together quite nicely for a potential buying opportunity in this market, and therefore I do think given enough time we do see the buyers push silver higher.

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