Silver Price Forecast – Silver Markets Looking to Find Bottom

Silver markets have fallen a bit during the course of the trading session on Thursday to reach down towards the $23 level. This is an area that has caused a little bit of support as of late, and the fact that we have bounced to turn around and form a bit of a hammer suggests that we could make a plate to the upside. On the other hand, if we were to break down below the $23 level could open up a much deeper move to the downside to test the bottom of the candlestick from last Tuesday.

SILVER Video 20.08.21

The market of course has recently formed a bit of a “death cross”, as the 50 day EMA plunged below the 200 day EMA. The “death cross” is of course a very negative sign for longer-term traders, and therefore it makes quite a bit of sense that we could see more negativity. At this point, it looks as if we are trying to find a bit of a floor near the $23 level, but whether or not it holds for the longer-term is still a very important point to pay attention to.

Rallies at this point in time will probably continue to struggle with the $24 level, and then eventually the $25 level. The $25 level is backed up by those moving averages that made up the “death cross”, so it makes quite a bit of sense that there will be sellers jumping into the markets at the first signs of exhaustion. In general, if the market was to break down below the massive selloff we had recently, then it more than likely will open up a move down to the $20 level.

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