Silver Price Outlook – Silver Continues to See Upward Pressure

Silver Technical Analysis

The silver market initially rallied during the trading session on Friday as the crucial jobs number came out a little hotter than anticipated. And I think really at this point in time, most traders expected the United States to implode, I guess. So, the fact that it was a little bit hotter than anticipated really got people struggling for direction. The idea of course in silver is that there might be more industrial demand, but quite frankly, this is also a market that just was in an uptrend anyways.

So, with that, I think a short-term pullback probably looks at the $35.50 level as a potential support level. The market breaking down below could open up a move to $34.60. But really at this point in time, I think you have to believe that any dip will more likely than not attract a lot of people. If we break down below the $34 level, then we could go all the way to 33.

Now on the upside, if we can break above the high of the day for Friday, then we could see this market really start to take off to the upside, perhaps go looking for the $40 level. I do believe at this point though, we have to favor the upside, but we are a little exhausted at the same time. So, a pullback is probably healthy and probably gets people interested in trying to find a little bit of value in what’s been an absolute runaway market.

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