Silver Price Outlook – Silver Continues to See Buyers on Thursday

Silver Technical Analysis

The Silver market has rallied quite nicely during the early hours on Thursday as we continue to see bullish behavior overall. All things being equal, this is a market that I think given enough time probably reaches the top of the consolidation area closer to the $37.50 level. If we can break above there, then it’s likely that we will continue to really move to the upside, perhaps at that point in time looking at a potential run to the $40 level based on the measured move, if you will.

That being said, I think you also have to keep in mind that short-term pullbacks are likely and the $35.50 level, I believe at least, will continue to be massive support. And with that, if we were to break down below that level, I think you start to look at the 50-day EMA as a potential area of interest. All things being equal though, silver has done quite well for a while and working off some of the froth via consolidation, for me at least, makes quite a bit of sense. I don’t see why you wouldn’t expect it. So, you might as well take advantage of it. Short-term traders will love range-bound systems in this market, but I think ultimately, you’re looking at buying on dips because I do think over the longer term, we will go higher.

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