Silver Price Forecast – Silver Markets Quiet Yet Again

Silver is in a bit of a “push pull” situation at the moment as there are a lot of people out there that are looking towards the stimulus package and of course the potential of an infrastructure bill in the United States as being a major driver of silver to the upside. However, it just has not played out that way, as silver has simply chopped around as per usual. With that being said, we are hanging onto the 50 day EMA and it looks as if from a technical analysis standpoint that continues to be a bit of a magnet.

SILVER Video 22.03.21

With this being the case, I think that silver is almost impossible to train at the moment, unless of course you are looking at it from a longer-term standpoint. Right now, it looks as if that longer-term standpoint continues to be to the upside, but I also recognize that a pullback to the $25 level is very possible, just as we could even drop down to the $24 level.

To the upside I see the $28 level as a major target, but that obviously is resistive, just as the $30 level will be. With the yields rising the way they have been in America, that has put upward pressure on the US dollar which works against the value of silver, but quite frankly I think most of this comes down to the idea that we may or may not have an infrastructure bill coming in America, which could drive up demand. Simply put, I believe this market is essentially “dead money” at the moment and has nowhere to be, but I do have more of an upward proclivity.

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