Silver Price Forecast – Silver Markets Drift Lower

Silver markets have drifted a bit lower during the trading session on Tuesday as we continue to see a lot of volatility in this market. Quite frankly, the US dollar will have a lot to say about where we go next, so you need to pay close attention to the US Dollar Index, because it does have such a huge negative correlation to what happens with silver. Furthermore, we have to pay close attention to whether or not there is going to be demand for silver due to the fact that there are so many supply chain issues.

SILVER Video 13.10.21

The $22 level underneath continues to be an area that a lot of people pay attention to, and I think that will continue to be the overall floor in the market in the short term. If we break down below there, then we will go looking towards the most recent low at $21.50, and perhaps even lower than that. Regardless, I do not have any interest in buying this market until we clear the highs from last Friday, which was the “knee-jerk reaction” after the jobs number was so disappointing. With that being the case, I think it is only a matter of time before we see some type of bigger move but right now it does not look like silver is ready to go anywhere.

For what it is worth, you should also recognize that the gold market has been very range bound as well. With that in mind, it looks like we do not have anywhere to be yet bit as soon as we get some type of impulsive candlestick, we might have a clearer picture as to where we are going longer term.

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