Silver Price Forecast – Silver Markets Sit Under Same Big FigureSilver went back and forth on Thursday as we continue to dance around the $28 level. The market looks as if it is building up momentum for a bigger move.
Silver markets have gone back and forth during the trading session on Thursday as we continue to see the $28 level offer significant resistance. If we can break above the last couple of candlesticks, then the market is likely to go looking towards the $30 level, an area that of course has been important more than once. In fact, if we break above the $30 level, it is likely that the market could go looking towards the $50 level as we have seen a couple of times in the past. In the short term, I think that pullbacks will offer buying opportunities all the way down to the 50 day EMA. The 50 day EMA sits at the $26.44 level, with the $26 level underneath there being massive support.
SILVER Video 26.02.21
Keep in mind that silver is going to move a little differently than the gold market, as silver is an industrial metal and of course stimulus directly move silver as far as demand is concerned. With interest rates rising in the United States, that has worked against gold, but it obviously has had very little in the way of working against silver. I think it is going to be very volatile, but I do like the idea of picking up short-term dips to find value in a market that clearly has massive amounts of buying pressure underneath. In fact, I have no interest in shorting this market anytime soon, and as a result I am simply looking for value that I can take advantage of. Keep in mind that silver is extraordinarily volatile, so you should have plenty of short-term buying opportunities.
75% of retail CFD investors lose money
For a look at all of today’s economic events, check out our economic calendar.