Silver Price Forecast – Silver Markets Continue Sideways Action
Silver markets went back and forth during the trading session on Wednesday, as we continue to hang around the $24 level. The $24 level of course is an area that has been important more than once, so the fact that we have shown this area to cause a little bit of resistance during the day should not be a huge surprise. Ultimately, this is a market that I think need some form of clarity in the US dollar to make its next move. That being said, the US dollar has taken a little bit of a hit during the day so it should not be a huge surprise that the silver market rallied.
SILVER Video 02.09.21
Having said all of that, we still have not broken out significantly, and as a result it looks like we are going to continue to see noisy behavior, but it certainly looks as if it is trying everything it can to get to the upside. Ultimately, this is a market that if we break down below the bottom of this candlestick, I think we go looking towards the $23 level, which is where we had seen significant support before.
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On the other hand, if we can break above the highs of the last couple of days, it is likely that the market goes looking towards the 50 day EMA above, which is currently sitting at the $24.81 level. Above there, then we would test the $25 level, which is a large, round, psychologically significant figure and would attract a lot of attention needless to say. Between now and Friday though, I think we see more choppy behavior than anything else.
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