Silver Price Forecast – Silver Markets Hit Top of Range

Silver markets gapped higher to kick off the trading session on Friday, only to go back and forth. Ultimately, it looks as if the $26 level causes quite a bit of resistance, as it was previous support. That being said, I think it is only a matter of time that the silver markets will have to make a decision with this, but I like the idea of fading them short term, not necessarily selling now. In other words what I am looking for is a bit of value underneath, especially near the 50 day EMA, or perhaps even lower near the $23 level which is the bottom of the green box that I have drawn.

SILVER Video 09.11.20

There is a significant noisy area above there as well, especially near the $27 level. I think all things being equal, the market is one that you buy dips on, regardless of what happens with the US dollar although it certainly can help if it falls. This is mainly due to the fact that silver is priced in the US dollar, but at the end of the day central banks around the world will continue to see a lot of volatility, mainly due to the fact that the central banks around the world will continue to kill their own currencies, and therefore people will look for hard assets to protect wealth. There may be a serious lack of demand for industrial seller, but at this point in time it will probably be dragged higher due to the gold markets more than anything else.

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