Silver Price Forecast – Silver Continues to See Buyers

Silver Markets Technical Analysis

Silver rallied a bit during the early hours on Thursday to break above the $27.50 level. At this point, it looks like the market is going to try to get to the $28.50 level, but I would prefer to buy a dip if I get the opportunity. I don’t necessarily want to chase silver because silver is notoriously volatile and quite frankly, dangerous most of the time.

Short-term pullbacks will certainly attract a lot of attention and inflows with the $27 level underneath offering support, followed by the $26 level, where the 50-day EMA sits just above. Whether or not we can break out to the upside remains to be seen, but really at this point in time, all I can tell you is that historically speaking, the area between $28.50 and $30 is typically very difficult to get beyond.

In general, this is a market that I think will have the occasional pullback that you can buy into based on value and selling based on the idea that we get a little too far to the upside. With this, I think we’re a little too far to the upside to try to find value. I anticipate that we will probably go sideways between $26 and $28.50 for the foreseeable future due to the fact that there are geopolitical concerns out there that could continue to push silver higher. That being said, keep in mind that this is a market that can punish you if you are wrong, so you don’t necessarily want to jump in with a huge position, keeping silver is a very small part of your overall portfolio.

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