Silver Price Outlook – Silver Continues to Grind Higher

Silver Technical Analysis

The silver market has been noisy to say the least during the early hours on Thursday, as we continue to look at the $48 level above as a significant barrier to overcome. With that being the case, I think we are in a little bit of a holding pattern and that does make sense considering that traders will be paying close attention to the fact that we don’t get the jobs report on Friday as maybe a reason to just kind of sit still

Furthermore, when you look at this market, it is overbought. It’s been in an extraordinarily strong run. That’s not to say we should be shorting it, just that a little bit of a pullback makes quite a bit of sense. $46 is an area that I would love to see tested again and then proven to be support. Underneath there, you have $45.

That being said, if we do just break above the $48 level, the market could go looking at $50, but historically speaking, every time we’ve gotten close to $50, silver falls apart. So, with that being said, I do believe we’re in more or less in a buy on the dip situation where you’re trying to find value. By value, I mean lower prices that confirm buying interest and support. With that being the case, I am bullish, but I’d like to be bullish from a lower level if I get the opportunity to do so. I do not want to chase this market, as it is so overextended.

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