Silver Price Forecast – Silver markets continue to flirt with $ 28
The money markets continue to be very loud in general, as we see a lot of questions regarding inflation, and of course the $ 28 level is a big, round, and psychologically significant number. $ 28 has turned out to be quite significant on several occasions, so it’s not a huge surprise that we are struggling here. That being said, any pullback at this point will almost certainly attract some attention, especially near the 50-day EMA. When it comes to the US dollar, this is also worth paying attention to as the market will see a lot of negative correlations.
SILVER Video 05.28.21
At this point, I think the silver is probably going to turn to the $ 30 level, an area that traditionally means we’re going to break much higher. In fact, the two times we’ve gone over $ 30 on longer-term charts throughout history, we’ve done some serious research around $ 50. I think it could happen a little later this year, but I choose to buy silver when it’s trough because it offers a lot of value. It would be a major violation of selling pressure, so obviously we could see a flood of money coming into the market. This could dramatically increase volatility and momentum.
If we pull out at this point, I think there should be a lot of support not only at the 50-day EMA level, but also at the $ 26 level. Beyond that there is a major uptrend line and as long as the US Dollar continues to look a little soft it only makes sense for silver to win. In addition, the market will also begin to focus on the idea of resuming industrial use with the reopening of trade.
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