Silver Weekly Price Forecast – Silver Continues to Look Stout

Silver Markets Weekly Technical Analysis

The silver market initially gapped lower to kick off the trading week but has since rallied to reach the $32.50 level. The $32.50 level is an area that’s been significant resistance previously and therefore, I think we have to pay close attention to how this plays out. The recent action near the $32.50 level has been one of pushing the market down, but the resiliency of silver should not be ignored here. It is because of this that I do believe we eventually break higher and on a daily close above the $32.50 level.

I suspect that we will then open up the FOMO trade and perhaps go as high as $35 given enough time. Short-term pullbacks, I think, continue to be buying opportunities all the way down to the $30 level. Silver, of course, is an industrial metal, so keep in mind that some of this might be about global growth, but more importantly, I think you’ve got a situation where interest rates dropping will be something that definitely helps the silver market, as well as gold.

Gold rallying the way it has will drag silver right along with it and vice versa, so you’ll have to watch both markets. Either way, there’s really nothing on this chart that suggests that we should be thinking of shorting silver, and I do suspect that given enough time, we could go as high as $35, but it will take some time to get there. The market is extraordinarily volatile, so make sure you keep your position size reasonable as usual in the silver contract.

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