Silver Price Forecast – Silver Markets Get Hammered Again
Silver markets have initially tried to recover during the trading session on Monday but gave back the gains rather quickly. At this point, it looks as if silver is running out of support, and it seems as if it is only a matter of time before markets break down quite a bit. If they do, we could see a rather ugly sell off rather quickly, as the area has been tested multiple times. The $23 level has been important a couple of times in the past, so the fact that we are piercing it now it does not bode well.
SILVER Video 30.11.21
That being said, it should be noted that somewhere around $22.50 there seems to be a cluster of buying pressure, so I would take some solace in that, but I would not be willing to get overly bullish at this point. In fact, we need to take out the $22.75 level to even have that conversation. If we do find enough momentum, it is very likely that we could break down drastically. If that is the case, then it is very likely that we could go looking towards the $22 level, followed by the $21.50 level.
To the upside, if we were to break out above the resistance, $24 will be the next major battleground. Anything above $24 would probably have the buyers feeling rather good, and perhaps even adding to positions. Ultimately, this is a market that will be very noisy going forward, but I do think that it is probably only a matter of time before we have to make a bigger move.
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