Silver Weekly Price Forecast – Silver Markets Stall Again

Silver markets initially rally during the course of the week but gave back the gains to show weakness later on. This is a market that is currently suffering at the hands of higher interest rates in the USA, as the 10 year has hit as high as a 1.75% yield. The market will continue to pay close attention to the yields, as the storage costs alone can cause serious issues when it comes to costs. As long as those bonds in America sell off, those rising interest rates will continue to cause issues for metals across-the-board.

SILVER Video 22.03.21

To the downside, the $25 level should be somewhat supportive, and I believe that the support extends all the way down to the $24 level. With that in mind, I like the idea of perhaps looking to buy it down there, but one has to wonder whether or not the $30 level just because a bit of a major “double top” on the weekly chart? It still remains to be seen but if we were to turn around a break down below the $22 level, it would kick off a big move to the downside as we will have just completed a huge “M pattern”, which could measure all the way down to the $14 level. I am not calling for that right now, but it is something that you need to be cognizant about in the meantime. Keep an eye on that $22 level, because if it breaks, so does the dam.

More likely than not, I anticipate that the next several weeks will be noisy to say the least so I think we will have to be somewhat cautious as far as putting larger positions on, but if you are a short-term scalper, this might be a decent market.

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