Silver Price Forecast – Silver Continue in The Same Range

Silver markets have rallied a bit during the trading session on Thursday but gave back the gains to show signs of weakness by midday. The $24 level should continue to see a bit of attention, and at this point in time it is likely that we will continue to see the same range that we have been in for some time, with the $23 level underneath offering support, and then the $24.50 level. At this point in time, I think it is likely that we continue to see a lot of choppiness, and of course a negative correlation to the US dollar as per usual.

SILVER Video 09.10.20

Ultimately, this market tends to be affected more by the US dollar than gold, so if the US dollar continues to strengthen, that will be like kryptonite for silver. At that point I would fully anticipate that the market probably goes down to the $22 level. Looking at this chart, it is likely that we would go down to the $20 level at that point.

Rallies at this point breaking above the 50 day EMA on a daily close could send this market towards the $26 level, possibly the $27 level. Ultimately, I believe that this is a market that continues to see a lot of noise, and at this point in time I think that it is only a matter of time before we get some type of bigger move. In the meantime, I think that the 50 day EMA and the $22 level continues to be the range that we fight over in the short term.

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