Silver Price Outlook – Silver Bounces After NFP Miss on Friday

Silver Technical Analysis

The silver market initially pulled back just a bit during the early hours here on Friday, but then rallied again after the United States announced an addition of 50,000 jobs last month instead of the expected 65,000. While that was a miss, it wasn’t catastrophic, so you see some reaction in the markets, but it’s not over the top. This was just a simple turnaround play in silver, which, of course, has been bullish for what seems like a lifetime. So, with that being the case, I think it just shows that it remains a “buy on the dip” scenario.

Bullish Long-Term Outlook

The $80 level does seem to be a major barrier that extends to about $82, so we’ll see whether or not we can get above there. It certainly looks like eventually the dam may break. If and when that happens, you’ve got a real shot at silver making a run towards $85 and eventually $100. That sounds insane to anybody who’s been in this business for more than about 20 minutes, but here we are – looking at that very possible target.

Short-term pullbacks, I think, continue to be buying opportunities with the $70 level being your floor in the market at the moment. Anything below there then opens up a massive correction, something that I don’t think would be the worst outcome. More likely than not, we stay in this roughly $12 range while we try to figure out the next reason to start rising yet again.

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