Silver Price Outlook – Silver Has Violent Moves on Friday

Silver Technical Analysis

Silver has been all over the place overnight as word got out of the Israeli airstrikes against the Iranians. And naturally that caused a lot of volatility in markets overall. Silver, of course, being a precious metal, as well as an industrial one acted pretty violently. But I do think that given enough time, we have a situation where it was only a matter of time before we went right back to the overall uptrend anyway.

So, the fact that we are higher probably isn’t so much the condition that we need to pay attention to. It’s more or less the fact that we might be trying to work off some of this excess froth. So, for example, we sold off overnight for a little while. Maybe this was the excuse and then people started to become fearful. So, they wanted hard assets and then we just continued. If we can break above the $37 level, it’s very likely that silver will really start to take off to the upside, raising much higher.

Ultimately, though, I think you have to look at this as a market that will continue to be bullish overall. And I think the $35.50 region is going to offer pretty significant support with this. I also recognize that market participants probably are going to be very quick and nervous to change positions. But I have this sneaking suspicion that as we go into the weekend. They’ll be looking to hang on to things like gold and silver in order to protect their portfolios.

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