Silver Price Outlook – Silver Very Quiet on Monday

Silver Technical Analysis

The silver market has gone back and forth in the early part of the Monday session as we continue to look at the $35.50 region as massive support. It’s worth noting that silver has been relatively stable even after a US strike on the Iranians. And that, of course, is a pretty significant turn of events because one would anticipate that the markets would have lost their minds, but really at this point in time, it looks very stable. It looks very much like a market that’s going to continue the overall consolidation. The $35.50 level is support and he $37 level is resistance.

I think at this point, we have a situation where traders will continue to look at a lot of back and forth trading as a potential opportunity, but I still favor the upside overall. I think it’s more or less a buy on the dip scenario, but we just don’t have the momentum or headline to drive the market higher. I think we’ll get it sooner or later. But as things stand right now, I also recognize that this is a market that will continue to be very noisy.

So, you’ll have to be cautious with your position size. And of course, whether or not you choose to add probably can’t be determined until you get out of this range and start to build up an even bigger position. A move below the $35 level would obviously be very negative, but the 50-day EMA raising towards that level, I think, is probably going to add more efficacy to this support.

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