Silver Price Forecast – Silver Markets Find Resiliency at $25

Silver markets have rallied rather significantly during the course of the trading session after initially pulling back, showing resiliency near the $25 level. That of course is a very good look, and I suspect at this point in time we probably have plenty of buyers willing to get in this market in order to go higher, and now that we are broken above the $25 level it looks as if we have kicked off the market to the upside due to a breakout of the inverted head and shoulders.

SILVER Video 15.11.21

This inverted head and shoulders suggests that we are possibly going as high as $20.50, and at this point in time it is likely that we see plenty of momentum. The fact that we pulled back and test the $25 level to find buyers only advances the theory that we are more than likely going to continue to see buyers.

After all, the inflationary concerns can continue to push silver higher, but more importantly than that, silver is highly sensitive to the overall industrial demand, something that is likely to continue to be a major driver of higher pricing. Type of trading, and as long as we can stay above the 200 day EMA, I think this remains a market that is very likely to be bullish. The 50 day EMA is also reaching towards the 200 day EMA, so we could get a little bit of a “golden cross” to open up the longer-term trend to the upside.

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