Silver Price Forecast – Silver Markets Get Hammered Again

Silver markets have fallen rather hard during the course of the trading session to slice through the 50 day EMA. The $24 level has been important in the past, so the fact that we sliced through it does suggest that we have serious problems. If we were to break down below the $23 level, that will and any hope of an uptrend for silver and send this thing crashing.

SILVER Video 24.11.21

It is likely that we will continue to see the US dollar have a negative influence on this as well, so if the US dollar will spike further, then it will almost certainly work against the value of silver and other metals in general. The size of the scandal is something to pay close attention to, because quite frankly these types of candlesticks do not tend to happen in a vacuum. We should get some type of bounce, but that bounce will more than likely be sold into. The $23 level being broken to the downside could open up a move back down to the $22 level.

It is worth noting that the $22 level has been a major support level multiple times on the monthly chart, so I would anticipate a bit of a fight there as well. The silver market does tend to be rather volatile, so keep in mind that the position size that you put on will be crucial. You do not want to get too overexposed to this market in one shot, because if it was against you, it can be rather catastrophic slowly adding to a position that is working out in your favor is by far the best way to approach.

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