Silver Forecast Today 03/02: Looking For Support (Chart)

2025-02-03 02:30:38

(MENAFN- Daily Forex)

Silver has been a little bit negative during the course of the trading session on Friday, but it also looks like we have plenty of support underneath that should continue to cause a little bit of a bounce.
All things being equal, this is a market that is trying to do everything it can to break to the upside, and if we do break above the high of the trading session on Thursday, that opens up the possibility of a move to the $32.35 level.

The $32.35 level has been important more than once, and therefore there should be a certain amount of“market memory” in that region to offer a bit of a barrier. If we could break above there, then it's likely that the silver market would truly take off to the upside. At this point, a lot of people are starting to question whether or not the United States is going to be tariffs on Canada and Mexico, and therefore it does have a bit of an effect on this market due to the fact that not only is silver a precious metal, but it's also an industrial one. This could have a major influence on what happens in the demand part of the equation for silver, so I do think that we are going to continue to see a lot of choppy volatility.

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The silver market remains bullish regardless, and it looks like we are going to continue to see plenty of buyers on dips based on the idea of what we have seen over the last couple of days, and it does make a certain amount of sense that eventually we will go higher. The $31 level underneath should be support, as it was previous resistance, but even if we break down below there, the 50 Day EMA is near the $30.50 level. With this being said, I think that you're looking for dips to take advantage of, that might be part of what we have seen play out during the trading session on Friday.

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