Silver Price Forecast – Silver Markets Stall at 50 Day EMA

Silver markets have gone back and forth during the course of the trading session on Thursday to test the 50 day EMA. At this point, the 50 day EMA is going sideways, and it suggests that the market is probably going to have to do some work here in order to make a bigger move. That is not a huge surprise, because we have so much noise in the 10 year note. As long as that is going to be the case, the market is likely to see a lot of difficult movement. That being said, silver is a little bit different from gold and the fact that silver also has an industrial component built into it.

SILVER Video 12.03.21

The silver market is starting to outperform the gold market yet again, due to the fact that industrial demand should pick up with all of the stimulus that is floating out there. However, if we do see interest rates fall in the United States, then that puts downward pressure on the US dollar which of course means that you will need more of those US dollars to buy silver. The other hand if yields start to rise again that could cause some issues.

Underneath, I believe that the $25 level offer support, just as the $24 level does at the 200 day EMA. To the upside, if we break above the highs of the day then I think that the $27 level would be the initial target, followed by the $28 level. Breaking above the $28 level then has the market looking towards the crucial $30 level.

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