Silver Price Forecast – Silver Markets Show Nice Bounce to Kickoff Week
Silver markets have rallied significantly during the Monday session as we continue to see a lot of noise in the metals market, and perhaps more specifically, the US dollar. Keep in mind that the US dollar has shown itself to be very volatile over the last couple of days, so the fact that we have turned around to cover things should not be a huge surprise. After all, we have the Jackson Hole meeting in the next couple of days, which will potentially give us an idea as to whether or not the Fed is going to start tapering anytime soon. If they do, that will make the US dollar spike again, and it is likely that the market will start selling off precious metals.
SILVER Video 24.08.21
On this chart, you can see that the $24 level has recently offered a bit of resistance, so it does make a certain amount of sense that we would see a pushback if we got anywhere near it. If we can break the $24 level though, then it is likely that we go looking towards the 50 day EMA, currently sitting at roughly $25. Having said that, we have recently formed a so-called “death cross”, which of course is very negative so keep that in mind as well.
Obviously, longer-term traders will continue to look at that as a very bearish sign, and therefore if we were to break down below the massive collapse from a couple of weeks ago, then it is likely that the markets would go much lower. At that point, I would anticipate that the silver market goes looking towards the $20 level.