Silver Price Forecast – Silver Continues to Chop Around Just Above $24.00

Silver markets have rallied during the trading session on Friday as we continue to see a lot of money poured into this market. That being said, I would be very cautious about getting overly expose, because quite frankly silver can be very violent and wild, not to mention the fact that it is highly sensitive to the greenback. As long as the US dollar sells off, silver has a chance but if the US dollar starts to strengthen for whatever reason, that would be very bad for silver, and could send it hurtling towards the $23 level.

SILVER Video 13.09.21

To the upside, the 50 day EMA continues to offer resistance, so if we can break above there then it is likely that we go to challenge the $25 level. I do think eventually we could do that, but we need to see some type of impulsive candlestick and of reason to believe first. As things stand right now, we are still very much in a downtrend, although we did see a nice rally as of late. Because of this, I am a bit skeptical, but I also realize that the market is likely to see a direct correlation between what is going on with the US dollar in this market more than anything else. With that in mind, keep an eye on the US Dollar Index, as it certainly will have its say when it comes to what happens next. For what it is worth, gold continues to see a massive ceiling just above as well.

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