Silver Weekly Price Outlook – Silver Continues to Threaten The Same Level

Silver Markets Weekly Technical Analysis

Silver has been very noisy during the week, initially falling towards the $30 level before turning around and showing live again. The market had bounced not only from the $30 level, but also the uptrend line. At this point, the market is likely to continue to see a lot of upward momentum, and if we can clear the $31.50 level, then we could go looking to the $34 level. If we were to break down below the $30 level, then I think silver could fall toward the 50-week EMA, an indicator that has been important more than once.

In general, the jobs number came out slightly stronger than anticipated, but not enough to get overly concerned. So, I think at this point, silver will probably be free to go higher, but that doesn’t necessarily mean that it goes straight up in the air. A little bit of sideways action and buying on the dips probably continues to be the way forward, especially on shorter term charts. But longer term charts, you’re going to have to be a little bit more patient with the momentum.

If we do rally a bit at this point in time, I suspect that we will see plenty of noise to the upside. But again, I think that there will be momentum. We are in an uptrend and that has not changed, so I do like the idea of this market continuing to hug the trend line and then eventually trying to test the recent swing highs.

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