Silver Price Analysis – Silver Continues to Look Strong

Silver Technical Analysis

Silver has absolutely launched during the trading session here on Monday as we continue to see a lot of bullish behavior out there. All things being equal we have broken through pretty significant resistance and now it’s likely that silver will continue to try to go higher over the longer term.

The market reaching towards the $90 level will be the default scenario that I see, but I also recognize that market participants have a lot to worry about, not the least of which will be higher than usual interest rates, and that, of course, has a major influence on what happens with silver.

The Global Silver Shortage

The $90 level, I believe, will be difficult to overcome, but if we can, then we are more likely than not really going to take off. Overall, I believe that $90 is the top of the larger consolidation area that extends down to the $70 level. This is an area that has been important for some time now.

With this, I think we’ve been forming a pretty big base in the silver market during the war, and now people are starting to focus on the reality that there is a major shortage of silver around the world, and that will continue to be a massive problem for this market. Overall, I do anticipate that we not only reach 90, but we break above there. I don’t know if we do it in the first attempt, so in the short term, I’m just buying dips.

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