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Silver Price Forecast – Silver Markets Break Out

By:
Christopher Lewis
Published: Nov 11, 2021, 16:49 UTC

Silver markets have broken out again during the trading session on Thursday to break above the top of the long wick that formed on Wednesday.

Silver Price Forecast – Silver Markets Break Out

In this article:

Silver markets have rallied significantly during the course of the trading session on Thursday to break above the top of the candlestick from the Wednesday session, showing a strengthening in this market overall. At this point, we are above the $25 level, and it looks like we have further to go. The market more than likely will continue to go higher, due to the fact that it has shown itself to be resilient, and now we have kicked off a major “inverse head and shoulders” which opens up the possibility of a move towards the $28 level. With that being the case, I like the idea of an investment when it comes to silver, which makes a certain amount of sense considering that we have the major demand case coming out of the reopening trade.

SILVER Video 12.11.21

The market has shown itself to be rather resilient, and now it looks to me as if the trading public is starting to drive this market higher, perhaps trying to smash through multiple short-term barriers. To the downside, I believe that the 50 day EMA underneath should continue to show support, and as long as we can stay above there, I believe that the market remains bullish. Understand that silver is a very volatile market, and therefore you need to be cautious about your position size, simply adding as it works out in your favor. You do not go “all in” when it comes to silver, because it does have a sudden and volatile pullbacks, and therefore it can be very dangerous for smaller traders to be involved with. Because of this, take your time but understand that the trend is most certainly looking ready to change for the longer term.

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

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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