Silver Price Analysis – Silver Continues to See Buyers on Monday

Silver Technical Analysis

The silver market has rallied a bit to test the $87 level early on Monday, as short-term pullbacks I think continue to offer buying opportunities. All things being equal, the $80 level is going to be supported with the 50-day EMA also offering support there as well. This is an indicator that a lot of people will be watching closely.

The $90 level above is going to be a significant barrier that if we can break above there, I think we’re free to go to the $100 level. I have no interest whatsoever in shorting this market. I do think that silver continues to be bullish in general, but I also recognize that the $90 level will be difficult to overcome.

Technical Barriers and Support Zones

There was significant trauma put into this market a while back, and I think we’re still working through that, but ultimately, this is a market that I think, as long as we can stay above $70, we have a real shot at seeing something higher here before it’s all said and done.

Whether or not this is the breakout remains to be seen. I think you have to treat this as a range-bound market that has a lot of positivity to it, meaning you’ll be buying dips for a while, trying to take advantage of value whenever it appears.

But you also have to recognize that if you break $90, the $100 level will almost be certain to be challenged. We have a long way to go before we make a fresh new high, so expect volatility, expect pullbacks, expect people to take advantage of that though.

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