Silver Price Forecast – Silver Markets Continue to Look at $26 at Support

Silver markets have gapped higher to kick off the week on Monday, only to turn around and show signs of strength again. Ultimately, I do think that we will probably try to go higher to fill the gap, which could extend this market all the way to the $27.75 region. The silver markets breaking above the $28 level could open up the possibility of going towards the $30 level, which is a major figure that will attract a lot of attention and has been guarded by several banks including J.P. Morgan for years. That being said, when the markets break above the $30 level from a historical standpoint, that almost always causes a massive short squeeze, perhaps with the ion $50.

SILVER Video 29.06.21

Looking at the chart, you can see that the 200 day EMA sits near the $25.50 level, and of course the uptrend line underneath that forms part of the ascending triangle. Ultimately, there seems to be a lot of massive support underneath and there is the idea that we would end up being quite a bit of demand for silver as the economy reopens. With that in mind, I think it is only a matter of time before buyers should jump into the marketplace and push to the upside.

If we did break down below that uptrend line though, that would be extraordinarily negative, sending this market to much lower levels, perhaps as low as $20. While this is not my main thesis, it is something that we need to keep in the back of our minds as being possible.

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