Silver Price Outlook – Silver Continues to Look at Ceiling

Silver Markets Technical Analysis

The silver market has initially tried to rally during the trading session but found itself struggling near the $32.35 level. This is a market that initially found an area that technically speaking should have been resistance and it got right there and then PPI came out and it fell right back down. The PPI is hotter on the overall reading. The core PPI came in as expected, so it’ll probably end up working itself out. Weekly unemployment claims in the United States were a little bit higher than anticipated. So, you might be seeing a situation where they’re worried about industrial demand a little.

Regardless, I think it’s more or less just a technical barrier that we’ll pay attention to. I believe the short-term pullbacks will continue to attract a certain amount of attention, especially near the 50-day EMA. The 50-day EMA is an indicator that a lot of people pay close attention to, and the area is right around the $31.33 level.

With this, I think we have to be on the lookout for some type of bounce that we can take advantage of because we are most certainly in an uptrend. And if we can break above the $32.35 level, I think we’ll continue to go much higher. We are still technically in an uptrend despite the fact that we did pull back pretty viciously. But I think in the short term, we’re just trying to build up the necessary momentum to get moving, more likely than not to the upside by the time it is said and done.

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