Silver Price Forecast – Silver Give Up Early Gains After Jobs Miss

Silver markets initially dipped just a bit lower during the course of the trading session on Friday, but then turned around to skyrocket as the jobs number was a complete miss in the United States. That being said, we also give back those gains as the market is essentially hanging on to the idea of the $23 level offering resistance. The shape of the candlestick is of course a shooting star, so if we were to break down below the bottom of the candlestick it is likely that we could go looking towards the $22 level, perhaps even down to the $21.50 level after that. Breaking that level course opens up a huge move lower.

SILVER Video 11.10.21

On the other hand, if we turn around a break above the top of the candlestick for the trading session on Friday, then it is likely that we will test the 50 day EMA, and then possibly the $24 level. If we break above the $24 level, it is likely that we could go looking towards the 200 day EMA. This would almost certainly have to be accompanied by a US dollar selling off at the same time, due to the fact that the US dollar has such a negative correlation to the silver market most of the time. At this point, it still looks as if we are in the “fade the rallies” type of attitude, so with that being said it is likely that we continue to see very similar action as we had over the last several weeks., Nothing has been decided.

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