Silver Price Forecast – Silver Continues to See Buyers on Dips

Silver Markets Technical Analysis

You can see that we have rallied just a bit during the trading session on Tuesday to show signs of life. And at this point in time, it looks like the market is going to continue to be very kind of sideways and lackluster, but I do think that if we start to see a little bit of momentum, then we have to ask questions of whether or not we can get to the $23.50 level, because quite frankly, that is the top of the overall range that we have been in. On the other hand, if we turn around and break down from here, then we could see the $22 level come into the picture, which of course was major support previously.

So, with that, I think we’re just kind of in the middle of everything. And although I do favor the upside in general, the reality is I just don’t see a major drive in one direction or the other. The further we drop, the more likely I am to find some type of value here that I can take advantage of. Ultimately, this is a market that if we were to break down below $22, then we could really see a lot of support underneath at the $21 level, but it is worth noting that $22 has been very reliable for quite some time and therefore I’m using it as a place of entry.

If we get that pullback, then I’m willing to take it. If we break above the $23.50 level, it could open up a move to the $24.50 level after that, but I also recognize that this is a market that is heavily influenced by external factors such as interest rates, the US dollar, et cetera.

So, it is going to end up being very noisy. However, this is nothing new in this market, so the main point will be to keep your position size reasonable in this market at the moment, which is always good advice with such volatility being possible.

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