Silver Price Forecast – Silver Continues to Look Strong on Wednesday

Silver Markets Technical Analysis

The silver market initially pulled back just a bit during the early hours on Wednesday, only to turn around and show signs of life. At this point in time, the market continues to see a lot of upward pressure. And ultimately, I think the market is paying close attention to the $32.50 level. If we can clear that level, then I do think that silver continues to go much higher.

Short-term pullbacks end up being buying opportunities. And I think ultimately, this is a scenario where the 50-day EMA, which lines up quite nicely with the $30 level, will be your short-term floor in the silver market. I think this is a situation where the market has been very bullish, but I think at the same time, it is a market that is facing pretty significant headwinds.

So, with this being said, the market is very choppy and noisy, but at the same time, it’s very difficult, if not impossible, to short this market anytime soon and try to make money. Keep in mind that interest rates around the world are dropping, that does generally help commodities, especially metals.

And at the same time, we also have the central banks around the world cutting rates, and that of course, can help precious metals as well. Silver is not gold, so don’t tie it directly to all of that recognize that there’s also industrial demand that comes into the picture.

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