Silver Price Forecast – Silver Markets Sitting at Familiar Level

Silver markets have rallied a bit during the course of the trading session on Thursday as we continue to see the $26 level offer a bit of support. Ultimately, this is a market that I think is going to try to go looking towards the 50 day EMA which is closer to the $27 level. One thing that would help of course would be the US dollar falling in strength as it could cause metals in general to rally. However, silver also has the industrial demand part of the equation working for at, so I think it is only a matter of time before silver finds a reason to go higher.

SILVER Video 25.06.21

Underneath, we have the 200 day EMA near the $25.42 level. After that, we have the uptrend line that has formed the bottom part of the ascending triangle, so I think at this point in time it is very likely that we would see plenty of buyers underneath. However, if we were to break down below that uptrend line then I think at that point in time silver markets will fall apart and go much lower. This would probably be in concert with some type of major “risk off event”, or at least a major strengthening in the US dollar as people would become very risk-averse.

To the upside, if we can break above the 50 day EMA, then it is likely that we could go looking towards the $28 level above, at that point it is likely that we will continue to see an attempt to reach towards the $30 level. The $30 level of course is a large, round, psychologically important figure, so if we were to break above there, it is likely that the silver market will take off to the upside as the history of this market is that $30 leads towards an attack on the $50 region.

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