Silver Price Outlook – Silver Continues to Sit Above Support

Silver Technical Analysis

The silver market has pulled back just a bit during the trading session here on Friday in the early hours, as we continue to see a lot of questions asked about what happens next. Ultimately, I think you have to look at this through the prism of a market that is trying to determine whether or not the uptrend is still very much intact. With the $37.50 level being so important, I think it makes sense that we’re here waiting on the speech from Jerome Powell at Jackson Hole.

All things being equal, this will probably have a lot to do with the US dollar, which by extension will have a lot to do with what monetary policy in the United States should be, at least in theory. And therefore, I think you should be watching the US dollar index as well. If we do rally from here, I anticipate that the $39 level will be your next target.

If we can break above there, then $40 is a massive barrier to take into account. If we break down below the 50 day EMA, then it could open up a move down to the $36.50 level. Silver is very volatile, so please keep that in mind, but it’s also been in a very strong uptrend over the longer term. And I don’t know if that changes quite yet, as we have seen so much in the way of resiliency and stubborn buying pressure on dips.

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