Silver Price Outlook – Silver Takes Off on Friday

Silver Technical Analysis

The silver market has broken higher during the course of the trading session here on Friday, as we continue to see a lot of upward momentum. I think given enough time, we probably see the silver market go looking to the $40 level as the market has this consolidation area that we are trying to use as a measuring stick, as it is typical for technical traders. The implied measured move does suggest $40 and there’s pretty much nothing on this chart that remotely suggests that we couldn’t get there. So, with that being the case, I like the idea of buying silver. I think short-term pullbacks are opportunities in what has been a strong market to begin with.

That’s probably the best way to look at it. With the possibility of the $37.50 level offering a bit of a floor, if you will. So, with that being said, I think you have to remain bullish. I think you have to look for opportunities. But I would not get over levered because quite frankly, as silver can be dangerous, and we have so much in the way of volatility and noise out there, not to mention headline risk that the market could go against you pretty quickly. If we were to break down below the $36.50 level, then that changes things. But this just looks like a market that has been waiting for a reason to break out, and it finally found it, as we are much higher all of a sudden.

For a look at all of today’s economic events, check out our economic calendar.