Silver Price Forecast – Silver Markets Trying to Break Out

Silver markets have tried to break above the psychologically and structurally important $26 level during the trading session on Thursday but seem to be running into a little bit of trouble. Nonetheless, it certainly looks as if we are trying to bottom out and I do think that eventually we do go higher. Because of this, I think that pullbacks will continue to be buying opportunities but silver knees stimulus to make it truly sore. If we break above the highs of the trading session on Thursday it could open up the possibility of a move towards the $27 level, possibly even as high as $28 given enough time.

SILVER Video 22.01.21

All things being equal, I do not have a scenario in which a willing to short the silver market, because I believe that the $24 level has shown us just how supportive it is going to be. Below there, we also have the 200 day EMA which I believe will offer support as well. With everything that I see on the chart, there is no reason to think that we are suddenly going to melt down, so I do like the idea of the longer-term “buy-and-hold strategy”, as well as “buying on the dips.” It really comes down to your timeframe, but I do think that it is only a matter of time before we see a reason to go higher, more than likely in a press conference or bill signed into law in Washington DC to increase spending rapidly.

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