Silver Price Outlook – Silver Continues to See Buyers on Dips

Silver Technical Analysis

Silver initially plunged during the early hours on Thursday only to turn around and show signs of life near the $35.48 level. By doing so, this does suggest that perhaps we are going to continue to see a little bit of a “buy on the dip mentality.” And after the inflation numbers in the United States came out weaker than anticipated this week twice, this certainly looks like a market that I think given enough time probably continues to go higher. The US dollar, of course, is getting hit for this reason. So, with that being said, I am looking at silver as a potential move to the upside just waiting to happen.

I would like to see a break above 37 dollars and then I would be adding but right now you clearly cannot short silver it’s going to take off quite some distance and ultimately, I wouldn’t be surprised if we’re just now getting started this is a market that’s been ripping higher for some time and with that I think and the added bonus of the US dollar shrinking the silver market is going to continue to be one of the better performers. If we were to break down below the $35.48 level, which again, I don’t think is very likely, you have a situation where the market probably finds plenty of support near the $34 level. But I think it would take a lot to make that happen in this environment. So, I remain committed to the upside basically at this point in time.

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