Silver Price Forecast – Silver Markets Continue to Press Towards 28 USD
Silver markets have gapped higher to kick off the week on Monday, and then slammed into the $28 level. It certainly looks as if the $20 level could cause a little bit of resistance, but I do think that it is only a matter of time before we turn this thing around and continue to go higher. This is based upon the US dollar obviously, which has been in some trouble for a while. Nonetheless, I think that what we are looking at here is a situation where we are trying to build up the necessary momentum to finally break out to the upside.
SILVER Video 25.05.21
To the downside, I believe that the 50 day EMA could come into the picture as well, as the indicator does seem to attract a certain amount of attention. With that being the case, the market is likely to see a lot of noise in general, but I think dips are still buying opportunities as the industrial demand will continue to pick up as the reopening trade continues to be a major driver. Furthermore, if we can clear the most recent high, then it is likely that we could go looking towards the $30 level.
Historically, the $30 level being breached opens up the possibility of a move towards the $50 level, and I do think that eventually we could see something like that happen. Furthermore, you should keep in mind that a break above the $30 level with sustained pressure could be a massive shot higher just waiting to happen as it will kick off the lot of short covering more than anything else.
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