Silver Price Forecast: Silver Continues to Race Higher on Thursday

Silver Technical Analysis

The silver market has rallied a bit during the early hours here on Thursday as we continue to see silver really take off. We are above the $45 level in pre-open pit outcry trading. So, with this, I think we are setting up for continued momentum. Nonetheless, even if we do pull back from here, and I think that happens sooner or later, there are a couple of areas that I’ll be watching, specifically the $44 region for some type of support as it was important previously.

And then again, the $42 region, as it had been the top of a bullish flag, and has already shown itself to offer support on the pullback based on the measured move of the bullish flag. We’re looking at about $46. I think that makes perfect sense here. I don’t know that we will get there tomorrow, but I do think that you’ve got a scenario where each time we pull back, you’re looking for a dip and then the right side of the V on the chart where the momentum starts to shift to the upside.

I’ve got no interest whatsoever in shorting silver and in fact, probably wouldn’t even consider thinking about it until we get below the crucial $40 level, which at this point has become basically the floor in the market. Silver has done this without the US dollar falling apart. So that shows you just how much strength there is in silver on Thursday as we are just ripping higher at this point.

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