Silver Price Forecast – Silver Continues to Swing Back and Forth on Wednesday

Silver Markets Technical Analysis

The silver market has been all over the place in the early hours of Wednesday as we slammed into the $32.35 level before pulling back. By doing so, it does look like we are struggling a bit. And until we break above the $32.35 level, I think you have a lot of choppiness. Short-term traders will continue to look at this through the prism of buying dips or taking advantage of value. The uptrend is still intact and should be paid close attention to.

The 50-day EMA is currently at the $31.45 level and rising, I think that probably ends up being a bit of a support level right along with the $31 level. Keep in mind that silver is extraordinarily volatile, and you will have to be cautious with your position size due to the reality that silver can jump around quite wildly at the drop of a hat, as it is sensitive to the US dollar, it is sensitive to interest rates and of course risk appetite in general.

So, with all of this, I think buying on the pullbacks for short term trades probably continues to be the way forward. But if we can break above $32.35, we probably have a run to the $33.20 region in the cards. On the downside, if we break down below $31, that could open up a move down to the 200-day EMA, but we’ll have to wait and see how that plays out, or even if it shows up.

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