Silver Price Outlook – Silver Sluggish in the Early Thursday Session

Silver Technical Analysis

The silver market has been back and forth in the early hours on Thursday as we continue to see a lot of noisy trading. I would draw your attention to the $33 level as it is a large, round, psychologically significant figure and an area where a lot of people have been trading in the past. So, I think there is a lot of market memory there. We are also hanging around the 50-day EMA, which, of course, is an indicator that a lot of people would be paying attention to.

But even if we were to break down below the bottom of the trading session on Thursday, then I think we have plenty of support near the $31 level, which also features the 200 day EMA. With this, I remain bullish, but I look for short-term pullbacks in order to pick up silver at a cheaper price.

That being said, if we do take off to the upside, and break above the $33 level on a daily close, then the market is likely to go looking towards the $35 level. Keep in mind that the Friday session is Good Friday, so there will be very limited trading depending on where you are in the world as far as futures are concerned and CFD markets. Nonetheless, this has been a ferocious recovery, and of course, the shrinking US dollar continues to give silver a bit of a bid, but the dollar is oversold, so maybe silver is overbought, at least in the short term. I have no interest whatsoever in shorting this market. I do think that pullbacks, though, will offer plenty of buying opportunities.

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