Silver Price Outlook – Silver Continues to Power Higher in Massive Move

Silver Technical Analysis

The silver market skyrocketed during the trading session on Thursday, breaking above the crucial $35.50 level. The size of the candlestick is rather impressive, and the volume is reasonable as well. So, it does look like we are going to continue the uptrend. I’ve seen silver break above $35 on historical charts twice, both times it made a run towards $50. I am not saying that it has to happen, just that the only time we have been up here, it has happened.

Whether or not that happens this time remains to be seen, but clearly this is a market that’s very bullish. I have no interest whatsoever in trying to fight this type of trend, but if we were to break back below this candlestick, that would be a very negative turn of events and could send silver down to $33, but you’ve seen two huge pushes now. So, I think we will probably spend a little bit of time going sideways as we wait for the non-farm payroll announcement on Friday and therefore probably reset our central bank expectations.

Silver is an industrial metal as well. So don’t forget that, but ultimately this is a market that I think, given enough time, will continue higher. Therefore, I don’t have any interest in fighting any of this. I think ultimately silver is probably looking to get to the $37.50 level next and then possibly $40 after that.

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