Silver Price Forecast – Silver Markets Looking Towards 26 USDThe silver markets have reached towards the $26 level during the trading session on Wednesday, an area that has been resistance more than once.
Silver markets will continue to be bullish as long as we have a strong case for stimulus coming out the United States, and at this point in time I think the $26 level is very crucial to pay attention to. The $26 level has offered plenty of recent resistance, and if we can break above that level it is likely that we go looking towards the $27.25 level. Ultimately, this is a market that I think will continue to see upward pressure, so even if we do pull back, I would be looking at silver as a potential “buy on the dips” type of scenario. Ultimately, I think that the 50 day EMA of course attracts a certain amount of attention and so does the $24 level. The $24 level has been supportive more than once, and the fact that we have stayed above at and bounce from there suggests to me that it is the new “floor the market.”
SILVER Video 21.01.21
To the upside, I believe that we will be looking at the $28 level above as an area where there should be a significant amount of resistance. I do believe that ultimately, we will find reasons to get long given enough time. The market probably breaks above there based upon an announcement of stimulus that opens up the possibility of a move towards the $30 level over the longer term. If we can break above the top of the $30 level, then it opens up the floodgates for a much larger move longer term. At this point, I do not have a scenario in which a willing to sell this market anytime soon.
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