Silver Price Forecast – Silver Markets Continue Bounce

Silver markets have shown the $22 level to be massive support, as we have bounced a bit, and at this point in time it looks as if we are trying to figure out whether or not that massive level will hold. If it does get broken down below, silver will more than likely collapse at that point. I would anticipate a move to the $20 level rather quickly, as there should be a lot of “thin air” underneath. This would also have a lot to do with the US dollar more likely than not, as a strengthening US dollar certainly will work against the value of silver.

SILVER Video 23.09.21

To the upside, if we can get above the $23 level, then it is likely that we will see an attempt to reach towards the $24 level, an area where we have seen a massive amount of selling pressure. With that in mind, I think that we are about to get an explosive move, but obviously silver is very choppy and noisy. With that in mind, keep your position size relatively small, as I would anticipate noise being a major problem for this market. Silver has volatile under the best of circumstances, and with all of the concerns that we have around the world, it is very likely that silver will be a dangerous market if you are not careful. Position sizing will be everything at this point.

However, if we do break down below the $22 level, I am more than willing to get aggressive to the short side, as it could open up quite a bit of downward pressure at this point in time.

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