Silver Price Forecast – Silver Looking to Retake 25 USD
Silver markets have initially pulled back during the trading session on Monday, but then turned around to show signs of strength again as silver continues to show resiliency. It is worth noting that the silver market is probably going to outperform gold anyway, because even with higher interest rate silver has the benefit of a stronger industrial demand, as silver is used in so many different products. Without a doubt, one of the most obvious ones right now would be the “green new deal” that America is trying to start down.
SILVER Video 06.04.21
The 200 day EMA underneath offering support is a good sign, but if we were to break down below the lows from last week, the market then is probably going to go looking towards the $22 level. The $22 level is an area where we have been supportive in the past, and therefore think it makes a nice target. If we were to pull back from the $22 level, then it is very likely that the uptrend for silver would be over.
On the other hand, on that bullish notion I think that if we can break above the 50 day EMA, the market is likely to go looking towards the $27 level, possibly even the $28 level after that. I think at this point it is going to come down to the idea of industrial demand more than anything else but if the US dollar does in fact lose strength, that would help silver, although it is not 100% necessary all the time if traders are going to be looking at industry.
For a look at all of today’s economic events, check out our economic calendar.