Silver Price Forecast – Silver Continues to Show Strength

Market Technical Analysis for Silver

As the market continues to float over the $24 level during the Wednesday trading session, silver has gained a little momentum. In doing so, it seems to be endangering the shooting star from the Tuesday session and maybe paving the way for a move to the $25 level. Since I don't necessarily believe we can just break past the $25 barrier, I believe short-term pullbacks are now quite probable.

Obviously highly positive looking at this chart, but I simply don't enjoy the thought of chasing in this profession. Given the way this market has been acting, I would never short it. If you are not careful, playing silver is a terrific method to lose money. You should play it both from larger moves and from lesser positions. The 50-Day EMA will also be approaching that approximate area if we do break down below the $24 level, which allows up a drop down to the $23 level.

Pay attention to the US dollar because if it falters, silver may benefit, albeit there isn't always a direct link between the two. Even while this market will ultimately continue to be highly loud, short-term pullbacks will almost certainly be seen as possible buying opportunities since so many individuals are ready to profit from them. Although silver has an industrial component as well, it seems to be employed more for wealth preservation at the moment, so you should also pay special attention to that mindset. In the end, I believe we reach higher.