Silver Price Forecast – Silver Markets Continue to Build Pressure
Silver markets have initially pulled back a bit during the course of the trading session on Friday but then turned around to show signs of strength to slam into the $24 level. The $24 level of course is an area that has offered resistance previously, and therefore I think breaking through there would of course be a very bullish sign. That could send this market towards the $25 level. This is a market that has also been forming a bit of an ascending triangle as of late, and therefore I think the silver markets are likely to go looking towards the 50 day EMA.
SILVER Video 30.08.21
Now that Jerome Powell has made his Keystone speech at Jackson Hole, it looks as if although there is a certain amount of tapering coming, it appears that it is going to be very slow and measured. That seems to be enough to get the US dollar selling off, so at this point in time silver is starting to show the same proclivity as it does tend to move higher in that environment. With that being the case, think the market will probably go looking to upward levels, but the occasional short-term pullback should continue to come back into play in the meantime.
The silver market is very erratic and does tend to be very momentum driven, so if we do break out to the upside, I think we finally have a huge push higher. On the other hand, if we were to turn around a break down below the $23 level, it is very likely that we would see a bigger selloff, but right now that looks a lot less likely.
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