Silver Price Forecast – Silver Markets Get Pummeled

Silver markets have fallen rather hard during the trading session on Wednesday, to reach towards the $23 level. The $23 level has offered significant resistance previously, which then has a certain amount of “market memory” attached to it. At this point, the market is likely to continue to see the $23 level being important. The market will continue to be very noisy, but I think you need to pay close attention to the $23 level.

SILVER Video 04.11.21

This could determine where we go longer term, and if we get some type of bounce from here, then it is possible that the $24 level could be charged towards. If we can break above the $24 level, then it would be a very positive sign and we may go looking towards the $25 level after that. The $25 level of course is an area that would attract a lot of attention due to the fact that it is such a major large, round, psychologically significant figure.

However, we were to break down below the $23 level, then it is possible that we could go looking towards the $22 level underneath. The $22 level of course is an area where we have seen a lot of buyers jump into the market previously, so that could be the “floor the market” going forward. If we were to break down below that level, then it is very likely that the silver market is going to collapse. At that point, we would probably go looking towards the $20 level, but it should be noted that the $22 level has been massive support multiple times over the last several months.

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