Silver Price Forecast – Silver Markets Continue to See Support

Silver markets have rallied slightly during the trading session on Tuesday as we continue to see upward pressure. If the US dollar continues to lose value that should continue to push silver much higher. In the short term, I believe that if we can break above the $25 level, it is likely that we could go looking towards the $26 level after that. The $26 level has been significant resistance as of late, and the top of the range that we have been in. If we can break above there, then it is likely that the market could go looking towards the $27 level.

SILVER Video 09.12.20

Short-term pullbacks at this point in time should end up being a buying opportunity and therefore think it is only a matter of time before buyers would come in to pick this market back up. The $22 level underneath is the bottom of the range and it is also where we find the 200 day EMA. The 200 day EMA is flattening out, which makes quite a bit of sense considering that we have essentially been sideways for a couple of months. Looking at this chart, I think it is only a matter of time before we do go higher though, but in the short term I do like buying dips and taking advantage of the strength that we continue to see given enough time.

Longer-term, I believe that the silver market is likely to go looking towards the $30 level, which is a large, round, psychologically significant figure in of course the highs from the bigger move to the upside. I have no interest in shorting silver.

For a look at all of today’s economic events, check out our economic calendar.