Silver Price Forecast – Silver Markets Continue Sideways Grind
Silver markets have drifted a little bit lower during the trading session on Tuesday as we continue to be overall sideways. Silver is trying to figure out where to go next, and it should be noted that we are not that far from a major support level underneath in the form of the $25 level. We could find a bit of buying in that area, and I think I would be more than willing to take advantage of a supportive looking candlestick.
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At this point in time, you should also recognize that the 50 day EMA sits just below showing a certain amount of support as well. Given enough time, I do believe that the buyers will come back into this marketplace and take advantage of “cheap silver”, but the question is more or less when it happens.
SILVER Video 26.08.20
Jerome Powell is speaking later this weekend the Jackson Hole symposium, and that could give us more of a signal as to where the US dollar may go. Quite frankly, it does look rather vulnerable, and that should send the silver markets higher in theory. I believe that it is only a matter of time before we have digested all of the gains, so we can take advantage of what is considered to be of value. The $30 level above is the target, but I also recognize that the $28 level is going to be a potential resistance barrier as well. I like buying dips, but I do not think we are quite there yet.
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