Silver Price Forecast – Silver Markets Continue to Flirt with $28 – FX Empire

Silver markets have rallied just a bit during the course of the trading session on Wednesday as we continue to see the $28 level offer a difficult amount of resistance overcome. I think that the resistance extends all the way to the $30 level, which makes for a very difficult barrier to break through. That being said, if we were to break above the $30 level, then the market could continue to go much higher, perhaps reaching all the way to the $50 level based upon historical precedence. When you look at the overall outlook, silver should continue to see demand based upon industrial usage, but it is worth noting that we have sat still for a couple of weeks now.

SILVER Video 10.06.21

The Thursday session features the CPI figures, and that of course will more than likely come into focus based upon the idea of whether or not inflation is picking up. If it is, that will be yet another reason to think that the silver markets will continue to see upward pressure. I also believe that the 50 day EMA is tilting higher, and therefore it is likely to be somewhat supportive. All things being equal, this is a market that I think continues to see a lot of buyers on dips, as we have seen such a significant amount of bullish pressure.

The $26 level underneath should continue to be significant support, and that of course the 200 day EMA is starting to reach towards that area as well, so I think that is essentially going to be your “floor the market.” All things been equal, this is noisy but bullish trading.

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