Silver Price Forecast – Silver Markets Continue to Pressure $24

Silver markets have rallied again during the trading session on Thursday, as we have reached towards the crucial $24 level. This is an area that has quite a bit of interest attached to it, so it will be interesting to see whether or not we can continue to go to the upside. The $24 level offering a bit of resistance is what I would expect, but the reality is that we more than likely will have quite a bit of choppy behavior. For the next 24 hours, it is very likely that we will see a lot of noise, due to the fact that there is a lot of attention paid to the jobs number coming out early Friday morning. With that being the case, I think that you continue to see a lot of noisy behavior.

SILVER Video 05.11.21

Looking at this chart, you can see that the $23 level underneath is support, so if we do pull back, I would anticipate that level should keep the market somewhat afloat. If we were to break below that level, then I think we start looking at the $22 level, which of course is a large, round, psychologically significant figure that a lot of people will be paying close attention to. It is also the bottom of a major consolidation area going back several months, so therefore I think we are looking at a scenario where we have to keep the idea of that as being massive support in the back of your head. If we were to break down below the $22 level, that would be catastrophic for this market. To the upside, clearing $25 allows this market to rally quite significantly.

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