Silver Price forecast – Silver Continues to See Support Underneath

Silver Markets Technical Analysis

Now we are closed on Friday and although a couple CFD markets were open the reality is that it’s all driven by the futures market, which of course was closed for Good Friday. That being said, Monday might be a little bit funky in the sense that Europeans will be away for Easter Monday, but at the end of the day, this is a market that’s very bullish and the way we closed on Thursday was a very strong sign.

At the same time though, commercials are very short at the moment right now when you look at the commitment of traders report. So that’s something that you have to pay close attention to. The $26 level above is a major ceiling in the market. And if we were to break above there, that would change a lot of things. But right now, you have to assume that it will hold.

Because of this, I think we do see more upward momentum, but I think it is somewhat limited. Underneath, we have a massive amount of support at the $24.50 level, which is a previous resistance barrier. If we break below the bottom of that, then it opens up the possibility of a move to the 50-day EMA. In general, this is a market that I think is going to remain very noisy and perhaps consolidate in the overall range that we are in right now. That being said, make sure you are cautious with the overall size of your position, as the volatility could get a bit rough.

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