Silver Price Forecast – Silver Markets Continue to Base
Silver markets have gapped a little bit higher to kick off the trading session on Tuesday, bouncing back around in order to show signs of hesitation. At this point, it does make a certain amount of sense that the $22 level could come into the picture, mainly due to the fact that it has been so important in the past. That being said, the market is likely to continue to respect the $22 level, at least in the short term. The $22 level has been important multiple times over the last couple of years, and as a result I think it is probably only a matter of time before buyers show up. The question now is whether or not we can break down below there and sustain that move? At this point, does not look very likely, so I think that we probably have a bounce coming.
SILVER Video 08.12.21
Ultimately, I think that this is a “fade the rallies” type of situation, as we continue to see so much in the way of downward pressure on metals. The silver markets of course are a bit more volatile than gold, so it makes a certain amount of sense that we would see so much in the way of volatility over here. That being said, I think we could very easily pop towards the $23 level on the short-term move, but it is probably only a matter of time before the sellers come in and push this market much lower. Right now, I do not have any scenario in which I am looking to buy silver, at least not with the fundamental outlook being what it is.
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