Silver Price Forecast – Silver Markets Digest Gains

Silver markets have gone back and forth during the trading session on Tuesday as we are digesting gains from the previous several days. That being said, the $25 level underneath it looks to be supportive, especially as the 50 day EMA is starting to reach towards that level. All things being equal, I think that should continue to offer a little bit of a “bottom” in the market, and therefore I think that the dips that come going forward should offer buying opportunities. Ultimately, the US dollar falling due to the stimulus that is going on in America will of course continue to pressure the greenback even further, pushing precious metals higher.

SILVER Video 30.12.20

The silver market has seen a lot of selling at the $27 level, as well as the $28 level. I think that we continue to grind towards the upside given enough time, but I think that short-term pullbacks will continue to be an opportunity to pick up a bit of value. That being said, the 50 day EMA is starting to turn higher, reaching towards the $25 level and likely to cross in the next couple of days. To the upside, I think we will eventually try to get back to the $30 level, which of course was the most recent high.

The market had recently formed a bit of a bottoming pattern, and it certainly looks as if it is trying to finally break out to the upside. That being said, you can also make a little bit of an argument for a bullish flag forming, although it would be messy to say the least. Interestingly enough, that also measures for a move towards the $30 level.

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