Silver Price Forecast – Silver Markets Drifting Toward Support

Silver markets have fallen a bit during the course of the trading session on Tuesday to reach towards the $25 level, an area that has a significant amount of support that extends down to the 200 day EMA which is at $24.17 just below. At this point, the market is likely to continue to see buyers in that general vicinity based upon the idea of the previous support and of course the idea that the stimulus will drive up demand for silver. After all, most of what the Americans are doing is based upon green technologies, which demand a huge amount of silver.

SILVER Video 24.03.21

The 200 day EMA underneath of course will be very crucial to pay attention to, but if we were to break down below there, then the market is likely to go looking towards the $22 level underneath there as we have seen a significant amount of support underneath. If that level were to be violated, that could be the end of the bullish run for silver. Having said that, this is a market that still has plenty of demand from what I can see but in general I think we will continue to see more choppiness than anything else. I would sit on the sidelines until we get some type of supportive candlestick that is worth jumping on, but I do believe that longer-term the silver market will be a nice “buy-and-hold” type of situation. Volatility is something that you see a lot of in the silver market, and I think that will continue to be the case. I also believe that as you cannot sell right now, you have plenty of time to take advantage of what could be a longer-term trend to the upside.

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