Silver Price Forecast – Silver Continues to Look Supported

Silver Markets Technical Analysis

Silver has rallied a bit during the early hours on Friday as we continue to see a lot of noisy behavior, but with the Jackson Hole Symposium going on, it does make a certain amount of sense that there is a little bit of hesitation to get overly involved. After all, there are a couple of major central bank speakers during the session late, which would include the Bank of England and the Federal Reserve. So that will have a major influence on what happens with silver, and where people want to be on the overall risk spectrum as far as asset allocation is concerned.

The 50 day EMA underneath probably offers a significant amount of support. And then after that, we have the $28.50 level. The $28.50 level is an area that’s been important multiple times. So, I wouldn’t be surprised at all to see a bounce from that area. If we break down below there, then I think we will go looking to the 200 day EMA.

Keep in mind, silver is not just a precious metal, but it is also an industrial one, so you need to be very cautious with the idea of jumping in quite aggressively because you can lose a lot of money very quickly if you’re not cautious. On a break above the $30 level, I think there will be more FOMO trading, and traders will jump in and try to push silver back to the highs that we had seen a couple of months ago.

For a look at all of today’s economic events, check out our economic calendar.