Silver Price Forecast – Silver Markets Continue to Respect $24

Silver markets have pulled back a bit during the course of the trading session on Thursday as the $24 level continues to cause significant resistance. That being said, the $24 level being broken to the upside significantly could be a good sign to send the market looking towards the 50 day EMA. At this point time, the market is likely to continue to see the area in the $24 range to be difficult to get above. If we do break above there though, not only do I think we go looking towards the 50 day EMA, but it is very likely that we would have quite a bit of momentum enter in this market.

SILVER Video 03.09.21

Looking at this chart, you should also keep the effect of the US Dollar Index in the back of your mind, because a strengthening US dollar will work against silver. Beyond that, there is also the question about whether or not there is going to be enough industrial demand, which of course comes into the picture as well, because quite frankly if industrial demand starts to drop, then silver demand will fall apart. That would probably send money into the US dollar anyway, via the bond market so it all ties together quite nicely.

One thing that is worth noticing is the fact that we recently had a bit of a “death cross”, which is a negative turn of events. Longer-term, I think that the $23 level offers significant support, and then if we break down below there it is likely we go looking towards the $20 level. In general, this is a market that I think continues to grind back and forth but after the jobs number we may have a bit more clarity.

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