Silver Price Forecast – Silver Markets Recover After Initial Selloff
Silver markets have initially pulled back during the course of the trading session on Friday but found enough support underneath the turn around and rally again. At this point, it makes a certain amount of sense that we may retest the highs from the last couple of days, and perhaps try to challenge the $24 level. That being said, you need to keep an eye on the US dollar because it has such a major influence on what happens with silver. The negative correlation is rather important to pay close attention to, so make sure that you do that.
SILVER Video 18.10.21
If we see the US dollar start to fall apart, that might be reason enough to send silver much higher. If we can break above the $24 level, then it is likely that this market will see quite a bit of momentum to the upside, as it is such a major barrier. At that point in time, silver will have recovered completely, and formed a major reversal move. That being said, it is not necessarily going to be easy to make that happen, so obviously we are desperately in need of further momentum.
What I do like is that the market has had plenty of momentum during the previous two sessions, and the buyers came back into support silver during the Friday session. With this, I do think that silver has a good chance of rallying, but we need to pay close attention to the next $0.50 or so. Ultimately, I think that the market is looking more bullish over the last 72 hours than it has over the last several months.
For a look at all of today’s economic events, check out our economic calendar.