Silver Price Forecast – Silver Markets Stabilize

Silver markets have stabilized a bit during the trading session on Wednesday, as we hang around the $27 level. There is plenty of support underneath, so I think that we are starting to focus on reality again, now that the retail attempted short squeeze has been abated. The 50 day EMA underneath continues to curve slightly higher, so I do think that we are probably going to see buyers sooner rather than later, but not at 10% gains. The $30 level continues to be massive resistance, as it is previously an area where we have seen a lot of action. All things being equal, I do think that we eventually go higher and try to break above there, but there will probably be a lot of work to do between now and then.

SILVER Video 04.02.21

All things being equal, I think that we can essentially forget the last couple of days, because it has been so erratic. The reason I say this is that we are looking at this market behaving more like it was a couple of weeks ago, and not during that sudden spike. The fact that that sudden spike has been wiped out so quickly tells you just how little there was behind it. I believe that the 50 day EMA will offer plenty of support just as the $25 level will. If we break down below there, then I think you start looking at the idea of support at the 200 day EMA as well. Ultimately, this is a market that I think will go looking towards the $50 level over the longer term, but when I say longer-term, I mean quite some time from now.

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