Silver Price Outlook – Silver Continues to See Supportive Action on Thursday

Silver Markets Technical Analysis

The silver market bounced slightly during the early hours on Thursday as traders continue to pay close attention to interest rates, geopolitics, and of course the fact that we have the Federal Reserve later in the day. With this being the case, I think you have to look at this through the prism of a market that may end up showing signs of upward volatility as we get closer to the interest rate decision.

But eventually, I think the same reasons that we rallied before are still very much in play, not the least of which would be the fact that the United States is going to spend a lot. That debases the dollar with plenty of fiat currency being printed, some people will run to the precious metal sector. Furthermore, we still have plenty of geopolitical issues out there to worry about, so let us not forget that. And ultimately, I think what you have is a situation where traders will eventually head back to the overall long-term trade they had been in for a while.

Anyway, so once we clear the $32.50 level, I think it opens up the possibility of a move to the $35 level, although it might take a minute or two to get there. I do think that is ultimately what we are, in fact, going to try to do. So, with that being the case, I am bullish, but I’m not willing to jump in with a huge amount of money because silver of course is very volatile. This is a situation where we should continue what we have seen previously.

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