Silver Price Forecast – Silver Continues to Recognize the Same Ceiling

Silver Markets Technical Analysis

Silver has pulled back just a bit in the early hours of Thursday as we continue to see the $32.35 level offer a bit of a ceiling. Not being able to break above there isn’t a huge surprise. It’s an area that’s been important multiple times. And furthermore, we also have to keep in mind that Friday will be the non-farm payroll announcement, and that will have a major influence on where we go next via interest rates and the US dollar. Nonetheless, I do think that there’s a lot of underlying pressure here in the silver market, that suggests that buyers are still interested in owning it.

So, a pullback to the $31 level, although somewhat scary, could very well bring in more buyers. On the other hand, if we break out above the highs of the week, then it could open up a move towards the $35 level. The market has been in an uptrend for some time, but as you know, silver is very volatile and very choppy sometimes, so you have to be very cautious.