Silver Price Forecast – Silver Markets Form Shooting StarSilver markets initially tried to rally during the trading session on Friday but gave back the gains to form a bit of a shooting star.
Silver markets continue to see a lot of resistance just above, and I think it will be very difficult to see this market go higher. If we break above the $26.50 level, then it allows the silver market to go looking towards the $28 level. However, if we break down below the 50 day EMA, it is likely that we will then drop down to the $25 level underneath. That of course would send this market even lower possibly, as the market is likely to see the market move rather quickly if that happens.
SILVER Video 19.04.21
Pay close attention to the US dollar and yields in America, because they tend to be intertwined, and that of course will be negatively correlated to this market. Silver does have a certain amount of industrial demand built into it, so that is something that needs to be paid close attention to. If we continue to see the “reopening trade” eventually silver should get a bit of a boost. Nonetheless, J.P. Morgan and a few other banks have been artificially suppressing the paper markets for years and have even been fined multiple times. Because of this, it does slow the assent of silver in general, but longer-term the fundamentals will eventually take over.
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Underneath, if we were to break down below the $24 level, that could send this market down towards the $22 level after that, an area that should be significant support. That is the “floor the market” from what I can see, so if we were to break down below there it is likely that we will fall apart rather rapidly.
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