Silver Price Analysis – Silver Continues to See Buying

Silver Technical Analysis

The Silver market has gapped higher to show signs of strength yet again as we continue to see a lot of noise. Ultimately, though, I think this is a situation where traders are going to have some trouble determining where we are going in the short term, just simply because we have a situation where traders are dealing with a war, but at the same time, central banks around the world might end up being forced to start cutting.

If that’s the case, then that should, at least in theory, help Silver, but at the same time, we’ve seen the U.S. dollar remain resilient, and the U.S. dollar, of course, working against Silver under most circumstances. Not always, but most often it will, and with that being the case, I think you probably struggle to truly break out.

Now, having said that, I have no interest in shorting this market, and I do think that little pullbacks will probably offer a bit of value for those looking to get into the markets.

Technical Support and Psychological Targets

The 50-day EMA sits right around the $80 level, which is a large, round, psychologically significant figure and an area that has been supported multiple times.

Ultimately, though, the $100 level above is a large, psychologically significant figure that could be a bit of a ceiling, but it also makes a nice target. I think we will probably get there eventually, but it’s going to take some work. The only thing that will be almost guaranteed is a lot of noisy trading, as the markets are still reeling from the previous moves.

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