Silver Price Forecast – Silver Markets Continue to Slump

Silver markets have fallen a bit during the trading session on Wednesday, as we continue to test the same general vicinity near $24. This is an area that has been important more than once, so it should not be a big surprise to see it revisited. With that being the case, I suspect that a lot of traders will again to look at this as a potential support level, but if we break down below it, silver could fall towards the 50 day EMA and then eventually the $23 level. Keep in mind that there is a certain amount of industrial demand behind the silver market, so that does keep it a little bit more poignant than the gold market. Nonetheless, this marketplace still struggles in the sense that precious metals are not getting any favors via the interest rate situation in America that keeps rising.

SILVER Video 28.10.21

That being said, we have to ask whether or not the $25 level is a bit of a “double top” just waiting to happen, so as long as we stay underneath there, there is a certain possibility that the market may continue to struggle. That being said, I think that you are more than likely going to be seeing a market that is going to chop back and forth, and therefore you need to be more of a short-term trader than anything else. Quite frankly, that seems to be the case everywhere, so I do not know that silver is any different overall. The main difference of course is the fact that the contract size is so much more large than many of the other contracts out there.

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