SLV

Silver Price Forecast – Silver Continues to See Pressures

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Silver Markets Technical Analysis

Silver initially tried to rally during the trading session on Wednesday, but it looks like we are struggling to hang on to those gains. The $30 level above could continue to be important as a large round number, a previous support level, and of course, just an area where people had lost quite a bit recently.

With that being said, we could pull back even further, reaching down to the $28.50 level. The $28.50 level also features the 50-day EMA, and with that being the case, I think it does add up to pretty significant support. In other words, things could get interesting in this general area.

A pullback from here could test that area and then find value hunters jumping into the market. At this point, I’m not ready to start shorting silver, but I do recognize that the $28.50 level and the $30 level are by far the two biggest levels to pay attention to. Breaking above $30 instead of pulling back would be a bullish sign and could send silver back to the $32 level.

At this point, silver is going to be noisier than gold, but that’s nothing new, mainly due to the fact that there is the precious metals aspect, but there’s also the industrial metals aspect that people will have to pay very close attention to. With this being the case, the market is one that you’re looking for either a breakout to the upside or a pullback and a bounce to get involved in with a long position.

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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