Silver Price Forecast – Silver Continues to See Support and Momentum

Silver Markets Technical Analysis

The Silver market has gone back and forth during the early hours on Thursday as we continue to see a lot of noisy behavior. That being said, I think it’s also worth noting that we are well above that $28.50 level, an area that has been important a couple of times in the past.

With this, I think you’ve got a situation where traders will continue to look at this through the prism of interest rate cuts and whether or not the Federal Reserve is in fact going to do those, but I think it’s obvious at this point they probably are in the month of September. Short-term pullbacks probably offer buying opportunities and therefore I think you’ve got a situation where traders will look at this through the prism of buying cheap ounces of silver every time they drop.

If we can break above the 50-day EMA, which is currently sitting right around the $29.30 level, then I think you could have a pretty significant move just waiting to happen in that environment, I don’t see anything stopping this from trying to get back to the $31 level. I don’t have any interest in shorting this market right now, although I freely admit that a short-term pullback probably makes a little bit of sense, but it will almost certainly get bought into. At this point I have no interest whatsoever in shorting silver, I think it is far too strong with this most recent movement, but I recognize that Friday could be very noisy due to the jobs report in the US.

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