Silver Price Forecast – Silver Continues to See Support

Silver Markets Technical Analysis

You can see silver has gone back and forth during the course of the trading session on Thursday here as we’re hanging around the $24.50 level. This is a market that I think a lot of people are going to be paying attention to as we are at such a major inflection point. This will certainly offer a lot of volatility as one would expect, if the history of the trading is to be believed.

In general, I think this is a market that we’ll continue to see buyers come in to try to support this area. If we break above the $24.90 level, then I think it would be a very bullish sign and it could send this market towards the $26 level. The $26 level, of course, is a large round figure that a lot of people would be paying attention to. And it is an area where we’ve seen a massive amount of resistance previously.

If we were to break down below the recent consolidation, then it could open up a move down to the 50 day EMA, possibly even the $23.50 level. In general, this is a market that I think will continue to be very noisy, slightly bullish, but you also have to keep in mind that silver is not the same thing as gold, so it does not have that kind of momentum.

With everything being the way it is in the world, it does make a certain amount of sense that gold might be used as a slightly safety asset, but ultimately gold’s your better bet for that. Silver probably has another leg higher, but I don’t know if we can get above $26.

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