Silver Price Forecast – Silver Markets Break Out

Silver markets have exploded to the upside during the trading session on Wednesday as CPI numbers in America came out much stronger than anticipated. With inflation coming, it does make a certain amount of sense that precious metals will gain. Silver of course also has the added benefit of being an industrial metal, so that could be at play as well. With this being the case, I do like the idea of being long of the silver market, as long as we can stay above the $25 level. The 200 day EMA now sits at the $24.52 level, and I think should continue to see a lot of interest paid to it. Because of this, it is very likely that we will see a lot of noisy behavior in the short term, but ultimately it looks as if we are going to go higher.

SILVER Video 11.11.21

Based upon the “inverted head and shoulders” that I see on the chart, that could signify silver going all the way to the $28.50 region, but obviously it is going to take a while to get there. Ultimately, I think that we have enough interest in this general vicinity that we could begin to talk about the idea of getting long of this market on short-term dips, because quite frankly it is probably only a matter of time before we see some type of boom in the commodity markets yet again. This is probably going to be a running theme going forward, that commodity markets take off suddenly and without notice. To the downside, I believe that the $23 level is now making a strong candidate for the “floor the market” going forward.

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