Silver Weekly Price Forecast – Silver Gives Up Early Gains

Silver markets have initially tried to rally during the course of the week but as you can see have given up all of the gains. By doing so, we ended up forming a massive shooting star and that does suggest that we will continue to see a lot of downward pressure. On the other hand, if we were to break above the top of that shooting star it could send the market much higher. Ultimately, this is a market that I think is going to continue to move based upon the US dollar, interest rates, and of course most importantly the thought of the reopening trade.

SILVER Video 26.04.21

The $25 level underneath of course would offer a certain amount of support, but the most important thing to pay attention to in my estimation is the 50 week EMA which was where we formed a massive hammer. Breaking below the hammer would of course be very negative, opening up a move down to the $22 level. Longer-term, I do believe that silver has a bright future, but we have to worry about whether or not the reopening trade is going to be a strong as once thought, and of course yields in America. That being said, this is a market that is probably ripe for some type of short-term pullback that you can take advantage of. A break above the top of the shooting star would then open up the market to reach towards the $28 level given enough time. I think volatility is the one thing you can probably count on more than anything else which can be said about a lot of risk appetite based things.

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