Silver Price Forecast – Silver Continues to Pressure Upside – FX Empire

Silver Markets Technical Analysis

The silver market initially pulled back just a bit against the US dollar after the non-farm payroll announcement came out. But as you can see, we have turned around to show signs of life again. This suggests that we could break out to the upside given enough time, but I also recognize that there is a lot of noise all the way up to the $33 level.

The daily close on the chart for Friday will be very important to pay attention to, because it’s one thing to impulsively jump into an asset, but it’s a completely different set of circumstances to buy that asset and simply hang on to it through the weekend. So, I think this is something that we need to pay attention to.

I do think short-term pullbacks will continue to be looked at favorably for buying opportunities, with the 50-day EMA reaching towards the $31 level. In general, this is a market that’s been in an uptrend for quite some time and if we are in fact going to continue to see inflationary issues, things like silver, commodities and stuff could get a little bit of a bid. We’ll just have to wait and see.

A break above the $33 level could certainly open up the possibility of a much bigger leg higher to at least the $35 level, where we had peaked previously. The $31 level being violated to the downside could be a major shift in attitude, but right now it doesn’t look like a very likely outcome. I still believe that buyers are willing to come in and pick up cheap ounces of silver anytime they get the chance.

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