Silver Price Forecast – Silver Markets Dancing Around $25
Silver markets have rallied just a bit during the course of the trading session on Wednesday as the $25 level continues to be a bit of a magnet for price. The previous uptrend line is of course coming into the picture as well, and as a result it will be interesting to see how this plays out. Ultimately, this is a market that I think continues to be very noisy, but we could get a bit of a reprieve late in the trading session on Wednesday in the form of the Federal Reserve statement.
SILVER Video 29.07.21
If we continue to see a lot of industrial demand and the US dollar starts to fall, then it is likely that will provide a bit of “rocket fuel” for silver and other commodities in general. That being said, I do not have any real interest in trying to get too cute with this market, so I would not be a buyer until we clear the 200 day EMA above. With that, I continue to look at this as a scenario where we could get that potential break down as well, so if we break down below the bottom of the candlestick from the previous session, then it is likely that we go much lower. At that point in time, it is likely that the market accelerates to the downside.
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On that breakdown, it is very likely that we go looking towards the $24 level, followed by the $20 level longer-term. That being said, the market will be very volatile, which is typical for silver in general. If we do break above the 200 day EMA, then the market goes looking towards the 50 day EMA next.
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