Silver Price Forecast – Silver Markets Fail at 28 USD

Silver markets initially tried to rally during the trading session on Monday but gave back the gains near the $28 level. The $28 level of course is an area that has been important more than once, so it is not a huge surprise to see a little bit of selling in this general vicinity. Ultimately, I do think that this is a market that will find buyers to push higher, but we may need to pullback in the short term to do so. The 50 day EMA underneath at the $26.13 level is essentially what I look at as the potential “floor the market” when it comes to this commodity, as commodities in general continue to rally.

SILVER Video 11.05.21

A falling US dollar will help silver rally as well, so that something that you should be paying close attention to. Furthermore, we have the idea of a huge spike in demand when it comes to industrial usage, as the “Green New Deal” in the United States will continue to drive up demand for silver as it is highly sought after when it comes to electric vehicles and solar panels. Nonetheless, the trend is most certainly to the upside and that is probably the most important thing to pay attention to. Ultimately, I think we probably go looking towards the $30 level, which could open up the possibility of a run to the $50 level if history is any indication. All things being equal, I have no interest in shorting this market anytime soon, because clearly the buyers are in control overall. This does not mean we go straight up in the air, but I do think that the longer-term trajectory is most certainly higher.

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