Silver Price Forecast – Silver Markets Continue to Look Threatened

Silver markets have fallen a bit during the course of the trading session on Wednesday to reach down towards the $22 level. The $22 level of course is an area that has been supportive for a while, so it is not a huge surprise to see that this market has bounced again. That being said, we have pierced the $22 level previously, so it most certainly will be paid close attention to. If we can continue to see selling pressure, and perhaps even a strengthen the US dollar, it makes a certain amount of sense that we will continue to see negative pressure going forward.

SILVER Video 07.10.21

That being said, the market continues to see a lot of chop, which is typical for the silver markets overall. After all, it is not only a precious metal, but it is also an industrial one. In other words, there are a lot of crosscurrents when it comes to this market, and as people are trying to figure out whether or not there is going to be the grand “reopening” going forward, or if we are going to slow down. With that being the case, the market is likely to see a lot of suspicion, and of course resistance at the $23 level where we have seen a lot of failures before.

The 50 day EMA now sits at the $23.62 level and is drifting lower. At this point, I think it is only a matter of time before we break down quite drastically. That being said, if we were to break above the 50 day EMA, then we may make a run towards the 200 day EMA but we would need to see the US dollar fall.

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