Silver Price Forecast – Silver Markets Pull Back to End Week

Silver markets have gapped higher to kick off the Friday session, but then broke down rather significantly. The $26 level has offered significant support that extends down to the $25 level. That being said, the market also has support down to the 24 level. At this point in time, it is likely that we will find buyers given enough time, but if we break down below the $24 level, the market will then slice through the 50 day EMA. If that happens, then the market is likely to go down towards the $20 level. All things being equal, this is a market that is going to follow the overall attitude of the US dollar, as it moves opposite.

SILVER Video 24.08.20

At this point in time, the market is going to have to make some type of bigger decision, and at this point in time I think that the $25 level will attract a lot of attention, but does not necessarily need to be the “be-all and end-all” of the trend. I anticipate that there is going to be a lot of noise right now, mainly because so many people have no idea what to do with themselves in what is a bit of a faux economy. We have recently made a “lower high”, which is something to pay attention to, but it is not until we break down below the 50 day EMA that I would be overly concerned. All things being equal, I am looking for an opportunity to take advantage of what has been a significant uptrend.

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