Silver Price Forecast – Silver Markets Continue to Grind Away

Silver markets have initially pulled back a bit during the course of the trading session on Thursday, as we have dipped a below the $26 level. That is an area that then saw buyers jump back in, stabilizing the overall market. At this point, the 200 day EMA sits just below, and of course would be a bit of a stabilizing factor in and of itself. The market has been very tight as of late, so it certainly makes a lot of sense that we would simply go sideways in the short term. After that, you should also take a look at the fact that there is a lot of industrial demand for silver out there, so it is probably only a matter of time before buyers would probably pick this market up.

SILVER Video 09.07.21

Having said all of that if we were to break down below the uptrend line of the ascending triangle, it is very likely that we would challenge the $25 level, and then perhaps send this market much lower. At that point, we could even be talking about a move all the way down to the $20 level. To the upside, if we do break above the highs of the week, then I think we go looking towards the top of the gap which is closer to the $27.75 level and threatens the crucial $28 level which is already shown itself to be massive resistance. If we can break above there, then it is likely that we could go looking towards the $30 level. Breaking above the $30 level then opens up the possibility of a move all the way to the $50 level.

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