Silver Price Forecast – Silver Markets Continue to Show Volatility

Silver markets have gone back and forth during the trading session on Thursday, as the silver markets continue to offer more chop than anything else. There is a certain amount of negativity in this market, but the market seems to be trying to determine whether or not the $22 level and overall support can hold. That being said, the market is likely to continue to see the area as a target for short sellers, and if we break down below there it is likely that we could go much lower. At that point, the market is likely to go looking towards the $20 level.

SILVER Video 24.09.21

On the other hand, if we turn around and break above the $23 level on a daily close, we might get a little bit of a pop towards the $24 level. A lot of questions about silver remain right now, as the market continues to see a lot of uncertainty when it comes to the global growth situation, and of course the demand for silver from an industrial standpoint. Beyond that, we also have to pay close attention to the US dollar, because it has a lot to say as to where we are going next.

With that being the case, I think that the US Dollar Index is worth paying attention to, because of the negative correlation between the greenback and silver. We are most decidedly in a downtrend at the moment, so I look at rallies with suspicion currently. That being said, the real barrier above is the $24 level, so if we can break above that massive red candle, then I might be a bit more convinced to start buying again.

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