Silver Price Forecast – Silver Continues to Trade in Choppy FashionSilver has pulled back significantly on Wednesday as the US dollar has picked up a little bit of strength. That being said, there is still plenty of support.
Silver markets have pulled back a bit during the trading session on Wednesday to slice through the 50 day EMA yet again, however it is worth noting that the $26 level is rather supportive, and we have seen buyers coming back into the market in that general vicinity. Even if we break down below there then it is probably time to start looking for silver to reach down towards the $24 level to find even more buyers as the 200 day EMA is sitting there.
SILVER Video 04.03.21
To the upside, the market could go looking towards the $28 level, but obviously we need traders to start focusing on the idea of the reopening trade and of course stimulus as silver is a highly industrialized metal, so obviously it will move with the idea of whether or not there is going to be more demand based upon green energy and industry. At this point, I do think longer term the silver market is going higher, but it is obvious that there is a lot of noise in the market in the short term, so at the very least I would suggest that you should probably keep leverage out of the picture. I would not be highly leverage Norwood I have huge positions, but I am bullish of gold over the longer term and do think that buying on the dips continues to work. I have no interest in shorting silver, I believe that we will continue to see plenty of buyers try to push this towards the $30 level.
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