Silver Price Forecast – Silver Markets Have Explosive Move During the Tuesday Session

Silver markets have rallied significantly during the course of the trading session on Tuesday to break above the 50 day EMA and even clear the $24 level. That of course is a very positive turn of events, and it does suggest that we are likely to see even more bullish behavior. That being said, the 200 day EMA sits just above, and I think that is something that you have to pay a certain amount of attention to as well. With that being the case, I think that we have a scenario where this is a market that continues to see a lot of inflow, and with the US dollar falling a bit that will continue to help silver.

SILVER Video 20.10.21

Furthermore, there is going to be a significant amount of industrial demand for silver, as it is such a highly prized industrial metal. As the market continues to price in the reopening trade, it means that there will be significant demand for silver as well as many other industrial metals. Breaking above the $24 level is a very strong sign, but a little bit of a pullback should not be a huge surprise. It is interesting to note that we have broken above a significant break down point out the $24 level that kicked off the most recent fractal.

If we can get above the 200 day EMA, then it is likely that this market goes much higher, perhaps reaching into the much higher levels via a significant long term bullish trend. The next couple of days should give us answers as to whether or not that can happen, but clearly the buyer is in control overall.

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