Silver Price Forecast – Silver Markets Continue to Be Choppy

Silver markets have gone back and forth during the course of the trading session on Wednesday as the $28 level seems to be a bit of a magnet for price. That being said, the market is likely to see a lot of choppy back and forth behavior as we trying to settle the entirety of the question. With that being the case, I think what we are looking at is the possibility of silver trying to break out to the upside, but the shooting star from last week needs to be broken in order for there to be any real momentum to the upside. If we can break above there, then the market is likely to go looking towards the $30 level.

SILVER Video 27.05.21

The $30 level is obviously a large, round, psychologically significant figure, but if we can break above there then historically that means we are going to go looking towards the $50 level, and quite rapidly. The $50 level has not been breached, so I do not necessarily think that we are going to see that happen, because quite frankly if we do that is going to spell disastrous inflation for everything. That does not mean that we cannot break out and make a run towards it, and I do think that it is likely to happen. However, the downside could be calling, and I think it is only a matter of time before the buyers would step in to pick up “value.” The 50 day EMA is an obvious support level, just as the $26 level and the 200 day EMA is. It is not until we break down below the uptrend line that I would be interested in shorting.

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