Silver Price Outlook – Silver Continues to Show Bullish Momentum

Silver Technical Analysis

Silver has rallied quite nicely during the trading session here on Monday, as we are breaking above the highs of the Friday session. Silver has been on fire for a while, and it looks like we are doing everything we can to continue to go higher. The $35.48 level underneath should be support, assuming that we pull back that far. And I do think that there are plenty of value hunters out there willing to get involved in the silver market any chance they get.

Over the longer term, I anticipate that silver is going to try to get to the $40 level via the $37.50 level, based on a measured move of consolidation previously. Keep in mind that the US dollar can have a negative correlation to silver, but I think this has more to do with potential industrial demand because while gold is relatively strong, silver is on fire. So, there is definitely something going on from a differential perspective between the two metals.

I again have no interest in trying to short the silver market, nor should you. That doesn’t mean that you pile in right away at a huge clip or massive position here, but clearly, we are very bullish, and silver looks like it’s ready to go much higher. Now it’s not an all-time high. It’s actually gotten as high as $50 or that range a couple of times in the past, but we may be seeing a repeat of that for the third time in history. We’ll just have to wait and see.

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