Silver Price Outlook – Silver Continues to See Buyers on Dips

Silver Technical Analysis

The silver market has dropped pretty significantly in the early hours on Wednesday but has turned around to show signs of life again. So, I think at this point in time, we are probably looking for the next range to trade. And that makes sense considering that we had just broken out of a pretty significant resistance barrier. And now traders are going to look at this through the prism of a market that perhaps could offer a little bit of an opportunity here. We’ll just have to wait and see.

The $35.48 level is an area of potential support. And I do think it is worth paying attention to as traders had seen so much pressure there previously that the market memory, if you will, is definitely imprinted on the market. I think as long as we stay above $35.48, then we’re probably in reasonably decent shape for a continuation rally. A breakdown below there doesn’t necessarily make me bearish.

It just means that we may fall as far as $33, but we also have a cluster of support at that $34.50 level. So, I think there are a couple of areas here that might be worth watching. With that being said, I am optimistic, and I certainly don’t want to get short. So, at this point in time, I’m just looking for value to take advantage of, a drop and then a rally to follow the momentum in what has been an explosive market to begin with.

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