Silver Price Forecast – Silver Markets Get Hammered at The Open

Silver markets have gotten hammered to kick off the trading session on Monday, but it should be noted that we have recovered quite a bit of the losses. Nonetheless, it should be noted that the market did recover quite a bit, so I think at this point we are going to see a line of noisy trading. That should not be a huge surprise, considering that we kicked off the session by breaking down below a substantial uptrend line. At this point, the question is whether or not we can recapture all of those losses? It still remains to be seen, so I would need to see a daily close above the top of the candlestick from the Monday session to think that the “all clear” is even remotely possible.

SILVER Video 10.08.21

More likely than not, I would anticipate that we would see a bit of exhaustion on short-term charts that sellers will take advantage of the pushback towards the bottom of the range. It should be noted that the $22 level held, but that is not a huge surprise considering how quickly we got down to that massive support level. Raking down below that level could open up even more significant selling, and as long as the United States dollar continues to strengthen, I do believe that silver will be one of the victims as not only is it highly sensitive to the greenback, we also now have concerns about the reopening trade suddenly. If that is going to be the case, then that is the “double whammy” that silver does not need to see if you are bullish.

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