Silver Price Outlook – Silver Continues to Threaten $60

Silver Technical Analysis

Silver has gone back and forth during the course of the early part of the Tuesday session, and now, it looks like we are going to continue to see pressure on that $60 level in the futures market. Short-term pullbacks continue to offer buying opportunities, but at this point, I would also have to point out that the Wednesday session features the Federal Reserve and, more importantly, the press conference, which could have a major impact on this market. If we start to sell off, and I think most people would like to see that, you get opportunities to buy silver perhaps at $57.50, and then again, at $55, as those could be potential support levels.

Chasing the market is difficult, but it’s done the second best thing it could do. And that’s just going sideways for a while after an impulsive move to the upside. Where does silver end? We don’t really know yet. But if we break above $60, you can make an argument for $68 based on what could be thought of as a bullish flag. It’s a little wonky, but it does exist.

Ultimately, though, the one thing that I know you can’t do in silver is short this market. That would be a very, very foolish thing to do. That being said, after this type of impulsive move, there will come a day to short silver. It’s just not here right now, and there’s no sign of it. As things remain, it’s a buy on the dip scenario that keeps rewarding those who are patient enough to take advantage of it.

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