Silver Price Outlook – Silver Continues to Ignore Gravity

Silver Technical Analysis

The silver market has crossed the $66 level during early Wednesday trading as the market continues to ignore anything close to the concept of gravity. You can see just how explosive silver has been, really, since February of 2024, as we have had a massive run higher from very low levels.

At this point, you have to ask yourself how much further it can go. That is the real problem when it comes to analyzing and trading this market, because traders are essentially guessing. There is no real way to quantify this other than probably higher from here, as there is no real sign of the market rolling over.

Key Levels as Silver Extends Its Rally

Short-term pullbacks do open up the potential of buying opportunities, but there is also a psychologically important figure in the form of $70 that people are probably aiming for. If we were to break down below the $62.50 level, it opens up $60, where there is a lot of potential support in the form of “market memory” as there has been a lot of action there previously.

Underneath there, we have $57.50. At this point in time, the market would have to break down below $55 before there would be real concern about the trend, and quite frankly, even that might not be enough. There would need to be some type of fundamental reason for silver to collapse, and right now that simply does not exist. Because of this, silver is now mainly a momentum play, at least until that momentum stops.

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