Silver Price Outlook – Silver Continues to See Upward Pressures

Silver Markets Technical Analysis

The silver market initially pulled back just a bit during the early hours on Tuesday, only to turn around and show signs of life again. By doing so, it looks like the $32.50 level continues to offer significant support. And at this point in time, I do think you have a scenario where traders could very well continue to push silver higher, mainly based upon the idea of the US elections. Do not get me wrong, I don’t think it’s going to be an easy move, but the reality is that neither one of the candidates are going to do anything to slow down spending. It just comes down to what they spend all of the money on.

So, with this, I do think that silver will continue to go higher, perhaps reaching the $35 level. On a short-term pullback, we could see a move to the 50-day EMA, which is near the $31.50 level, but ultimately, I think you’ve got a situation where value hunters will continue to look at dips as buying opportunities. And of course, silver is going to get a little bit of a heads up from the gold market as gold and silver do tend to move in the same direction over the longer term, although they can separate at times. If we break down below the 50-day EMA, then it’s possible that we could drop to the $31 level, but at this point in time, the lower we go, the more I’m interested in buying silver.

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