Silver Price Forecast – Silver Markets Get Hammered

Silver markets have broken down significantly during the course of the trading session on Friday, breaking down below the most recent low and suggesting that perhaps the silver market may fall apart. With that being the case, it is very likely that we will continue to see silver face a lot of pressure. That will be interesting to pay close attention to though, due to the fact that there is the industrial demand argument to be made as per usual. Nonetheless, as long as the US dollar shows signs of strength, silver will probably struggle from the precious metals angle.

SILVER Video 09.08.21

Breaking down below the $24 level opens up a much bigger move to the downside, perhaps dropping as low as $20 over the longer term. With that being the case, I think that you could get a significant and rapid move lower in that scenario. I do believe that given enough time the market will make a bigger decision but right now it looks as if it is more or less in the reactive phase, so you have to be a bit cautious.

Over the longer term, I would anticipate that we do turn around, the 200 day EMA will be a major problem, but it should be noted that most of the impulsive candlesticks have been to the downside and therefore one would have to believe that there is some reasonable conviction to the downside in this market. I think volatility is probably going to be the keyword here, but if you have spent any time at all trading silver, which is nothing new.

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