Silver Price Forecast – Silver Markets Hanging at $25

Silver markets are currently sitting at the $25 level, as we are looking at a potential turnaround from the 200 day EMA. That being said, yields in America continue to climb and that is not good for precious metals in general. Silver however does have a backup plan, meaning that it also can have a certain amount of industrial use attached to it, so it is possible that the reopening trade with the massive amount of John’s being added in America could help silver. In other words, I believe that silver is going to far outpace the gold market, as gold is much more an interest rate play than anything else.

SILVER Video 05.04.21

To the downside, the 200 day EMA and the $24 level both would offer a significant amount of support. Breaking down below the $24 level could open up a move down to the $22 level, which is even more supportive based upon structure. Breaking down below that level would end all hopes of silver rallying.

On the other hand, if we turn around a break above the 50 day EMA, then it is likely that we could go towards the $28 level, and then possibly even the $30 level after that. I think that we are at the precipice of some type of an attempt to rally in silver, but the next couple of days will really let us know as to whether or not there is going to be any significant turnaround and an attempt to recapture the overall uptrend. Expect volatility and keep your position size small, but eventually we will get clarity that we can hang onto.

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