Silver Price Forecast – Silver Markets Stabilize

·2 min read

Silver markets have gapped lower to kick off the trading session on Thursday only to turn around and go sideways in general. Ultimately this is a market that looks like it is trying to stay stabilized around the $27 level, perhaps in an attempt to build up enough momentum to go looking towards the $28 level. If we can break above that level, then it is likely that the market goes looking towards the $30 level, which I do think is where we are trying to get to longer term. If we can break above the $30 level, then it is likely that the market goes looking towards the $50 level over the longer term.

SILVER Video 14.05.21

To the downside, the 50 day EMA is curving higher and sitting above the $26 level. All things being equal, the market looks as if it will continue to use this as an area that people will think of as “dynamic support.” Because of this, I think it is only a matter of time before buyers come back into the picture on dips, as silver has quite a bit further to go due to the industrial reopening. Ultimately, this is a market that I think will continue to show upward pressure due to the idea that silver goes into almost everything industrial that has to do with green energy. Ultimately, I think it is going to be very noisy, but it clearly looks like it is a market that should continue to find buyers on these dips. I have no interest whatsoever in shorting silver anytime soon, and quite frankly it would have to break down below the $24 level for me to even consider it.

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire

More From FXEMPIRE:

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting