Silver Price Forecast – Silver Markets Rally Again on Monday

Silver markets rallied a bit during the trading session on Monday as we continue to see a flush into precious metals overall. Ultimately, I think that the market is likely to see a lot of volatility, but at this point the question then is whether or not we see some type of follow-through or if we simply continue to chop back and forth. Because of this, it is likely that we will have a lot of back and forth trading more than anything else but could see a sudden moves. After all, silver is extraordinarily explosive, and with the massive amount of concerns out there, it would make quite a bit of sense that the volatility picks up.

SILVER Video 15.09.20

Having said that, pay attention to the US dollar because that could have an influence on where we go as the two markets are relatively negatively correlated. Underneath, I believe that the $26 level is rather supportive, just as the $25 level is, especially as the 50 day EMA is sitting right there. Ultimately, I believe that it will be difficult to break down below there. To the upside, the $29 level above will be resistance, extending to the $30 level. If we can break above the $30 level, then it is likely that we go much higher. All things being equal, I do favor buying silver and not selling from a longer-term standpoint, so keep that in mind. Dips should continue to offer plenty of buying opportunities, so I am not really interested in selling it anytime soon, but if it changes, I will let you know.

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