Yahoo Finance Silver Price Forecast – Silver Markets Fall Into the Weekend
Silver markets pulled back a bit during the course of the trading session on Friday as we have seen more of a “risk off” type of situation and of course the US dollar has rallied rather significantly during the trading session. The $25 level underneath should be rather important, as it is a large, round, psychologically significant figure, and of course is an area that has been supportive previously. In fact, the support extends all the way down to the $24 level.
SILVER Video 15.03.21
Looking at this chart, I think that it is only a matter of time before we could see some type of bounce from here, but if we were to turn around a break above the top of the candlestick for the trading session on Thursday, then it is likely that we go looking towards the $27 level, possibly even the $28 level after that. If we do break above the $20 level, then it is likely that the market then goes looking towards the $30 level. The $30 level has been massive resistance more than once over the longer term, and it seems like when we do break above that level it opens up the possibility of a move towards the $50 level.
If we were to turn around a break down below the $24 level, then it is possible that we could go down towards the $22 level which was supportive as well. Pay attention to the 10 year yield and the US dollar, because as they both strengthen, that works against the value of silver. All things being equal, this also has the ability to strengthen due to the industrial demand with all of the stimulus coming out.
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This article was originally posted on FX Empire
