Silver Weekly Price Forecast – Silver Markets Pull Back From 50 Week EMA

Silver markets have pulled back during the course of the week, as the 50 week EMA has caused a bit of technical resistance. Nonetheless, it looks as if the real culprit is going to be the $25 level, an area that has caused issues before. If we can break above the $25 level, then it is likely that we could go much higher. Until then I am a bit suspicious of the market, but I do not necessarily see a major meltdown coming.

SILVER Video 13.09.21

Breaking below the $24 level since silver looking towards the $23 support level, which is an area that has been tested multiple times. At this juncture, we have to question whether or not we are in an uptrend, or try to break down? It is a little hard to tell and therefore I do not necessarily have a strong conviction with silver at this point. The US Dollar Index has its usual influence on the market, so that of course has to be paid close attention to. As a general rule, the US dollar has a negative correlation to the silver market, so if it does start to strengthen that will put a little bit of hesitation in this market. Because of this, you need to have both charts open.

As far as industrial demand is concerned, there is a little bit of questioning as to whether or not there will be enough, because quite frankly this is a market that has to deal with various lockdowns and of course nonsense coming out of the mouths of central bankers. As long as they are opaque with their intentions, it is difficult to imagine a scenario where metals are going to have an easy go.

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