Silver Price Forecast – Silver Continues to Look Strong

Silver markets continue to look strong during the Thursday session as we continue to see buyers after that massive Wednesday candlestick.

Silver Markets Technical Analysis

Silver is hovering around the $25 level as I record this video and it certainly looks as if it is trying to break out yet again to the upside. It does make a certain amount of sense because everybody’s banking on the Federal Reserve coming out and saving everybody with loose monetary policy because that, of course, helps precious metals. And it does make for a compelling trade.

The difference of course is silver is not gold and therefore you have to look at it through the prism of whether is it an industrial metal or is it a precious metal depending on whatever trade is going on. Right now, it’s behaving more like a precious metal but keep in mind that there are various green initiatives around the world that could drive out the price of silver as well. That being said, the $26 level above is like a massive ceiling in this market and therefore, I think it gets defended quite vigorously.

Short-term pullbacks at this point in time should continue to find support out in $24.50 level, an area that previously had been resistant. The massive candlestick that formed on Wednesday typically will see follow-through with that type of momentum. So I’m not necessarily looking to short this market. And at this point in time, I think any pullback that this market shows should be thought of as a potential value play. We have recently had the golden cross where the 50 day EMA crosses above the 200 day EMA. So that’s another signal that a lot of longer term traders like. Ultimately, look for value and take advantage of it, that’s probably going to be the best way to play this market. subscribe.

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