Silver Price Analysis – Silver Stabilizes on Wednesday to Catch Its Breath

Silver Technical Analysis

The silver market has gone back and forth in early trading on Wednesday as we still look very bullish, but maybe taking a little bit of a break might be the path forward here. The $100 level is obviously an area that a lot of people will be watching, and I do think that the market will try to do everything it can to reach that level and break above it, but it will take a lot of effort.

That doesn’t mean that it will, and it doesn’t mean that it will be easy even if it does. I would anticipate some type of reaction near the $100 level as many people may have bought silver on the breakout at $50 and are willing to walk away doubling their money or, if they are in the futures market, doing quite a bit more than that.

Support Levels

Short-term pullbacks should see plenty of support at the $90 level, followed by $87, and then eventually $80. If and when we break above the $100 level, we truly are in no man’s land, not that we haven’t been in no man’s land for months, but that would be very interesting.

At this juncture, I think something has to give, but so far it has not, and therefore this is a one-way trade still. I just don’t see how you can short this market. This market could drop $30 and it would still be in a bull market if that puts anything into perspective.

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