Silver Price Forecast – Silver Markets Give Back the Gains at $24

Silver markets have pulled back just a bit during the trading session on Wednesday as we continue to see the $24 level offer a bit of resistance and psychological barrier. At this point in time, it is likely that the market will continue to see $24 as being crucial, and if we can break above there on a daily close, it is very likely that silver will go looking towards the 50 day EMA which is currently sitting at roughly $25.

SILVER Video 26.08.21

It is worth noting that the Jackson Hole meeting is starting on Tuesday, so a lot of people out there will be waiting to see what Jerome Powell has to say about tapering going forward. There has been taught recently that perhaps the Federal Reserve may taper by the end of the year, but traders are starting to bank on Jerome coming back to the rescue. At least this is what things look like in the equities markets and a few others.

Silver of course has a certain amount of an industrial component built into it, and it is worth noting that industrial numbers have fallen quite a bit over the last several weeks. That being said, if we see the US dollar sell off drastically, it is likely that the silver market may catch a bit of a bid, at least temporarily based upon that alone. Otherwise, it is very likely that we go looking towards the $23 level underneath which of course has been significant support. In the short term, it looks like we are chopping back and forth more than anything else.

For a look at all of today’s economic events, check out our economic calendar.