Silver Price Outlook – Silver Gets Hammered

Silver Markets Technical Analysis

The silver market initially did try to rally a bit during the trading session on Tuesday, but the $32.35 level continues to be a major barrier to overcome. With that being said, the market is likely to continue to pay close attention to that level. And if we could break above there, then it’s possible that the market could really start to take off to the $35 level. The $31 level below is likely to continue being a massive amount of support, especially with the 50-day EMA sitting just below.

The market has been very noisy, and I think that will continue to be the case going forward, as this is a very volatile market under the best of circumstances. And after the massive swings that we had seen during the Asian session overnight, I don’t think these are the best of circumstances. If we break down below the $31 level, I think $30 could be your next target.