Silver Weekly Price Forecast – Silver Markets Give Up Early Gains for the Week
Silver markets have initially rallied during the course of the week to show signs of strength again, but then turned around quite drastically on Friday to test the $22 level. The $22 level is important from what I can see, and if we were to break down below there it is likely that the silver market will fall apart. This of course is a very important level, and therefore I think that it is only a matter of time before we break down there based upon what I am seeing right now.
SILVER Video 27.09.21
At this point, the market certainly looks as if it is threatening this move, but if we were to turn around and take out the top of the inverted hammer, that could send silver much higher. That point in time would send the market looking towards the 50 week EMA near the $24.62 level. Breaking above there, then it is likely that the market goes looking towards the $26 level.
All things been equal, this is a market that continues to see a lot of back and forth, and of course the US Dollar Index has a negative correlation to it, so you need to see how that behaves in order to get an idea how this will. If the US dollar falls apart, that will help silver, and of course vice versa, as silver is so highly sensitive. Silver of course has been underperforming gold, and that continues to be a major factor to trading this market. All things been equal, this is a market continues to see noisy trading more than anything else.
For a look at all of today’s economic events, check out our economic calendar.