Silver Price Forecast – Silver Markets Continue to Consolidate

Silver markets have rallied again during the trading session on Wednesday, but as you can see the markets have seen quite a bit of support over the last couple of days, so it is likely that the $25 level will continue to offer quite a bit of interest. The $25.50 level above has been resistance, so we can clear that area then I believe that silver is ready to go much higher. That being said, I would also point out that the market continues to see the 200 day EMA underneath as a potential support level, and therefore I think it is only a matter of time before we turn things around and rally again. However, if we were to break down below the 200 day EMA, then it is likely that we go testing the 50 day EMA.

SILVER Video 18.11.21

Speaking of the 50 day EMA, it is curling higher and trying to reach the 200 day EMA, breaking above it would of course send this market higher based upon the idea of the “golden cross”, an indicator that a lot of longer-term traders pay close attention to. That being said, it is very unlikely that we will see a simple move to the upside, but longer-term investors may be looking to hang on to silver due to the idea of industrial demand going forward. However, the US dollar is rallying at the same time, so it does tend to cause a little bit of a crosscurrents at that point. Ultimately, this is a market that I think will eventually have to make up its mind, but if we were to turn around a break back down below the 50 day EMA, this would be an ugly turn of events.

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