Silver Price Forecast – Silver Markets Continue Choppy Behavior

Silver markets have rallied a bit early in the session but gave back those gains as we continue to slam around the $24 region. The $24 region has offered support more than once, and therefore I think you need to pay close attention to it. If we break down below the $24 level, then it is possible that we could see this market reached towards the $23 level. On the other hand, if we were to turn around a break above the $25,000 level, then it is likely that we could go looking towards the $26 level.

SILVER Video 29.10.21

All things been equal, silver looks as if it is trying to build up enough momentum to break out, but we do not have it yet. I think that fact that we are stuck between the 200 day EMA and the 50 day EMA suggests that we have a lot of noise in this area and the lot of conflicting momentum. Because of this, the market is very unlikely to continue offering any type of clarity in the short term, but eventually we will break out of this range, allowing for a little bit bigger of a move. Because of this, I think we are eventually going to see a trade that we can hang onto, but right now it seems as if we are simply looking for some type of directionality. Pay close attention to the US Dollar Index because it obviously has a major negative influence on silver if it rallies, or a major positive influence on silver as well. All things being equal, this is a market that I think shows a potential move.

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