Silver Price Forecast – Silver Markets Pull BackSilver markets pulled back a bit during the course of the trading session on Thursday, but still look as if they are trying to build up momentum to break out.
Silver markets have pulled back a bit during the course of the trading session on Thursday, pulling back from the highs of the session on Wednesday. That being said, the market looks very bullish, and therefore I think it is likely that we find buyers underneath the turn this thing around. The 50 day EMA is going to offer support, just as the $25 level will. After that, then we have the 200 day EMA offering support as well.
SILVER Video 23.04.21
Because of all of this, I think that buying on the dips will continue to be the best way to play silver, but we did see a little bit of US dollar strength that worked against the commodity in general. That being said, the question is whether or not we are going to see buyers underneath. It certainly looks as if we will, and of course the idea is that the silver markets are highly helped out by the idea of the reflation trade and the reopening of course as silver is a highly useful industrial metal.
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The market does show that the 50 day EMA is starting to tilt higher, and therefore it is likely that we will see an attempt to rally longer term. With that being the case, it is only a matter of time before we should see a bit of a push higher. However, if we were to break down below the 200 day EMA then I think the market goes racing towards the $22 level. That would obviously be some type of shock to the system though. With this, I believe it is only a matter of time before we rally again.
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