Silver Weekly Price Forecast – Silver Markets Reach Towards $25

Silver markets were explosive during the day on Friday, and quite frankly most of the week were relatively quiet. That being said, it looks as if the market is trying to break above the $25 level, which of course is a large, round, psychologically significant figure. However, there is even more resistance above at the $26 level so from a longer-term standpoint it is very possible that this market still offers a selling opportunity.

SILVER Video 06.09.21

You have to take some of the noise from the Friday session out of the equation, because quite frankly the liquidity may have been a bit of an issue. After all, if the jobs situation in America is fairly poor, then one has to extrapolate whether or not there is going to be any demand for silver from an industrial standpoint? At this juncture, I think things are murky to say the least and therefore it is worth paying close attention to what is going on when it comes to risk appetite. As things stand right now, it looks like we have further to go to the upside, but I would be very cautious around the $26 level as it could be a major barrier that would be difficult to break out of.

To the downside, the $23 level looks to be significant support, so breaking down below that level would be extraordinarily negative and almost certainly send this market looking towards the $20 level underneath which has been an area that people have been very interested in over the last several weeks. Either way, volatility looks as if it is ready to pick up yet again.

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