Silver Price Forecast – Silver Continues to Levitate at High Levels

Silver markets have shown a little bit of negativity during the trading session on Thursday but continues to look bullish overall. The $28 level above should be significant resistance, but I do think that given enough time we probably break above there to go looking towards the $30 level. Short-term, I do believe that the buyers will continue to jump into this market on dips, and therefore value hunters will continue to be interested. The 50 day EMA underneath should continue to offer support as well, which is sitting at the $25.26 level.

SILVER Video 08.01.21

Stimulus coming out the United States will continue to push the US dollar lower, which should continue to push precious metals higher. However, we do have an issue with bond yields rising in America, so that does put a little bit of a floor underneath the US dollar, and of course it is oversold so I think it makes quite a bit of sense that they pullbacks come. Longer-term though, we still have to worry about the overall stimulus, so I think that eventually drives that the demand for commodities on the whole.

We are in an uptrend, and I believe that continues to be the way going forward, and therefore looking for value will be the best way going forward. I think eventually we could go looking towards the $30 level, so a big fight could be found in that general vicinity. If we can break above the $30 level, then the market could go much higher.

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