Silver Weekly Price Outlook – Silver Pulls Back a Bit

Silver Markets Weekly Technical Analysis

The silver market initially did rally pretty significantly during the trading week, but it has found resistance again near the $35 region. Falling the way it has, we ended up slamming into the $32.50 level, which of course is an area that’s been important more than once in the past. Because of this, a certain amount of market memory came back into the picture, and we sat still there on Friday. The question is, what happens if we break down below there? If we do, then we could see this market drop down to roughly $31, I think, before buyers really start to become aggressive again.

We had recently broken above that $32.50 level a couple of weeks ago, and now we are testing it to see if it’s going to hold. So far, it looks like it’s trying to. Keep in mind that silver is extraordinarily volatile, so you will need to be cautious with your position sizing, but the trend is most certainly to the upside. It does tend to move based on interest rates, geopolitics, and the US dollar, and of course, gold can have an influence on silver as well, so do keep that in mind.

All things being equal, I think this is a market that you’re still looking for buying opportunities and if we do fall from here, that only offers more potential value that you can take advantage of. That being said, we’ll have to wait and see whether or not $32.50 holds, but so far, it looks like it’s putting up a pretty decent fight.

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