Silver Weekly Price Forecast – Silver Markets Get Smashed

Silver markets have initially tried to rally during the course of the week but have broken down below the hammer from the previous week. Because of this, silver looks as if it is about to collapse. A move below $24 in silver would be catastrophic, sending this market much lower. Keep in mind that the 50 week EMA has now been broken below, so that of course will have its own negativity as well. Ultimately, I think that we are looking at a scenario where the market is ready to break down quite drastically, all is going to take is a little bit of a “push.”

SILVER Video 09.08.21

We have just broken through the bottom of an ascending triangle, so unless we recover quickly, this is a market that will have a lot of technical traders running as well. Silver has long been manipulated by a handful of big banks, so one would have to wonder whether or not they were ever going to allow it to get too large to begin with? All that being said, if we were to turn around and take out the top of the candlestick at $26, that would be extraordinarily bullish as it would show a continuation of massive buying pressure. I do not necessarily expect to see that happen though, so I would not hold my breath for that.

More likely than not, we will see short-term traders coming in and fading rallies every time they show the slightest bit of exhaustion, as this move will certainly have a lot of people underwater suddenly. As long as that is going to be the case the market is going to be the scariest say the least.

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