Silver Price Outlook – Silver Continues to See Volatility

Silver Technical Analysis

The silver market has fallen toward the $33 level during early hours on Friday, but I think at this point in time we are likely to continue to see the $33 level offer a bit of a short-term floor and support and with the 50-day EMA racing towards it, I think you’ve got a situation where there should be quite a bit of interest in this area as a potential floor in the current uptrend.

If we break down below the 50 day EMA, then we will test the $32 level, which is an area that I think is important. Anything below there then opens up a drop to the 200 day EMA. On the upside, if we can break the highs of the last three days right around the $33.66 level, then it kicks off another attempt to get to the $35 level.

The $35 level has been like a brick wall, and it is basically where we fell apart from. So, it’d be interesting if we make a round trip. Keep in mind that silver is going to be highly sensitive to the US dollar as it has a negative correlation, generally speaking. And also keep in mind that the industrial usage of silver comes into play as well. And with the tariff wars going on, that actually is suppressing the price of silver, so it makes you wonder just where we would be without all of that.

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