Silver Price Forecast – Silver Markets Give Up Early Gains
Silver markets have initially rallied a bit during the course of the trading session on Friday to reach above the $28 level. That being said, we have pulled back rather significantly, and the $28 level is an area that has been resistance previously. The market looks like it is running into a bit of trouble just above, and now is ready to pull back into the overall consolidation area that we have been in. Furthermore, the 50 day EMA is currently racing higher, and it should be a significant support level as well.
SILVER Video 24.05.21
With this in mind, I like the idea of buying dips going forward, as the silver market will continue to see a lot of demand based upon the reopening trade and of course all of the silver that will be needed by industry. Furthermore, as the US dollar falls, that should continue to provide a little bit of a boost in this market. Ultimately, I have no interest in selling this market, and I look it dips as value that should be taken advantage of.
If we can break above the top of the range for the week, that opens up the possibility of a move to the $30 level, and therefore if we were to break above that level we really could start to take off. The $50 level above would be the ultimate target, as we have seen the market try to get there couple of times in the past. That being said, it would become more of a “buy-and-hold” type of market. That obviously is a longer-term target, but I think what we are looking at here is a grind it to the upside more than anything else.
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