Silver Price Outlook – Silver Continues to Skyrocket

Silver Technical Analysis

The market dipped to kick off the trading session and then completely forgot about gravity again. That is going to continue to be the case here, and I do think you have a situation where Silver is going to do everything it can to reach $100.

I also recognize that someday this thing is going to fall apart, and when it does, it is going to be absolutely amazing. That day isn’t today and probably isn’t tomorrow. So, we have to work with the market that we have.

Market Momentum and Support Levels

Short-term pullbacks continue to be buying opportunities, and now it looks like your floor is probably closer to the $80 level. Something that in the last 20 years I would have never guessed was a thing. This market is behaving like Bitcoin did a few years back, and that’s interesting because Silver has always been a great way to lose money.

The question now is: can this be sustained? The answer, of course, is no; we can’t have this type of market forever. But sooner or later, when people decide to collect all of their profits, we’ll have to find the actual floor. It won’t be $12 like last time, so that much I do know.

The $80 level is a great place to enter if you get the opportunity. I do think that the $90 level above is probably resistance for no other reason than there is some psychology involved. But really at this point in time, there is nothing on this chart that says that you should be anything but long. The question is: can you chase this type of momentum? You can see how quickly they turned things around overnight during the Asian session. We had a little bit of a pullback to about $83.30 and then just jumped again.

Sooner or later people get hurt doing this, but right now, as long as you have a stop-loss in place and you keep your position size reasonable, there is only one direction.

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