Silver Weekly Price Forecast – Silver Continues to See Buyers

Silver Markets Weekly Technical Analysis

Silver has rallied rather significantly during the course of the week to break above the $30 level again, as it looks like we continue to have more of a buy on the dip type of scenario. With that being the case, I like the idea of buying dips in silver and I do believe that the $30 level will probably offer a short-term support level.

If we can break above the highs of a couple of weeks ago and it certainly looks like we’re going to try to do so, silver could very well end up being a big winner. Keep an eye on the US dollar and the expectations of the Federal Reserve because quite frankly everybody is paying close attention to determining whether or not the Fed may cut later this year.

The jobs number came out hotter than anticipated, but just barely, so I think that probably is not a factor at this point, and liquidity might be due to the fact that we had Independence Day, holiday celebration in the United States. However, it’s worth noting that it looks like we are strengthening heading into the weekend, so that of course is a bullish sign, and it could open up a move towards the $32 level.

If we were to break down below $30, I think there’s plenty of support especially when you look at the $28.50 level, which is an area that’s been important multiple times. All things being equal, this is a market that I think you continue to find dips as opportunities worth taking advantage of, and you just simply follow the overall trend as has been so well defined.

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