Silver Price Forecast – Silver Markets Bounce After Jobs Report

Silver markets have bounced a bit during the trading session on Friday, after the jobs report came in lower than some people had anticipated. This has people walking away from the tapering discussion, and therefore it makes quite a bit of sense that people would be looking at the market through the prism of a weakening US dollar. This helps silver, but it is not the sole reason for silver to go higher.

SILVER Video 07.06.21

Looking at the silver market, it is worth noting that a lot of the movement is driven by the idea of industry demand picking back up, as we have seen a lot of talk about green energy as well, a major user of silver. All things being equal, the 50 day EMA underneath continues to tilt to the upside and is sitting at the $27 level. All things been equal, this is a market that I think will continue to try to work off some of the recent fraud, and therefore we could see a little bit more sideways action before we can make the bigger move.

If we can break above the recent highs, then we probably go looking towards the $30 level. The $30 level of course is a large, round, psychologically significant figure that will attract a lot of headline attention, and historical attention as well. After all, we have broken above the $30 level a couple of times in the past and both of those times the market try to go racing towards the $50 level. As far as selling is concerned, I do not necessarily have any interest in doing so as we are in such a bullish run.

For a look at all of today’s economic events, check out our economic calendar.