Silver Price Forecast – Silver Markets Continue to Find Buyers

Silver markets initially pulled back a bit against the uptrend on Monday, but then found buyers underneath the turn things around completely and form a bit of a hammer. By doing so, the market looks as if it is trying to reach towards the $29 level above, which is an area where we have seen a lot of resistance. Break above that opens up the possibility of a move towards the $30 level. I do recognize that the $30 level will be important, as it is not only a large, round, psychologically significant figure but in the past, we have seen silver try to reach towards $50 every time it has broken above $30.

SILVER Video 08.06.21

That being said, I do not expect to see that happen in the short term, and I think we are simply going to continue to grind back and forth with a “buy on the dips” type of mentality. With that being the case, I think that it is almost impossible to short this market, at least anytime soon but I do recognize that if we see a bit of a dip, perhaps all the way down to the $26 level, a sign of massive support sitting in that general vicinity.

With this being the case, I think it is only a matter of time before we see buyers coming in on value, that is the play that I have here. I do not necessarily think that it is going to be easy to get to the $30 level, but I do believe that we will eventually try to get there again as it is such a significant and obvious target.

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