Silver Price Forecast – Silver Continues to See Buyers

Silver Markets Technical Analysis

Silver rallied quite nicely during the trading session in the early hours of Tuesday, but we still face a major resistance barrier above that I think a lot of people are going to be paying attention to right here at $26. If we can break above $26, then I think this is a market that will have a lot of FOMO, but ultimately, I think this is a market that continues to see a lot of resistance there, so it’s probably only a matter of time before we pull back.

That pullback will more likely than not be a buying opportunity, with the $24.50 level below offering a significant amount of support. In general, I think this is a market that you have to be very cautious with, because silver, at best, under the best of circumstances, is very volatile.

Ultimately, this could follow interest rates, and it could follow the US dollar, as there is a huge negative correlation on both. There is a little bit of geopolitics to be played here because silver is considered to be a precious metal, although it is second to the gold market as far as traders are concerned.

If we were to turn around and break down below the $24.50 level, then it could open up and move down to the $23.50 level. In general, this is a situation where I think if you can find a little bit of value, then you get the opportunity to go higher and start buying. In general, this is a short-term based market and therefore you have to be very nimble.

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