Silver Weekly Price Outlook – Silver Falls but Look Likely to Bounce

Silver Markets Technical Analysis

The silver market spent most of the week falling, but it has shown some signs of life as we are starting to see the at least a bounce a bit towards the end of the week. We’ll have to see whether or not that holds, but either way, silver is in an uptrend, and I just don’t see why you would choose to fight that trend at this moment. If we can turn around and break above the $32.50 level, then it’s possible that the market could go much higher, perhaps reaching all the way to the $35 level again.

Underneath the current pricing, we have the $30 level just waiting to offer a bit of a floor, and as long as we can stay above there, then I think the market is probably going to be okay from an upward trajectory standpoint. Either way, it’s worth noting that silver is very choppy and volatile and will continue to be something that people will have to pay close attention to.

But at the end of the day, it’s driven by the U S dollar interest rates and geopolitics. Most things right now are starting to point to an upward trajectory again, but we’ll have to wait and see how that plays out. Either way, I don’t have any interest in trying to short the silver market. It has been far too strong for far too long. If we were to break down below the $30 level, then you have to start to ask questions, but even then, I think you have some work to do before you can get to the place where you think that you should be a short seller of silver. Keep your position signs reasonable. That’s the most important thing when trading silver because of its inherent volatility.

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