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Silver Weekly Price Forecast – Silver Markets Rally Significantly

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Silver markets have rallied rather significantly during the course of the week, breaking above the 50 week EMA. The $25 level above is significant resistance barrier, and something that we need to pay close attention to. If we can break above the $25 level, then I suspect that silver is ready to start rallying, reaching towards the $28 level above. The recent move of course has been very bullish, and I think what we are seeing here is an attempt to regain the top of the consolidation area.

SILVER Video 25.10.21

Underneath, the $22 level should offer a significant amount of support, as the 200 week EMA is heading towards that region. Because of this, I think that it is going to form a bit of a floor in the market, so it is most certainly something worth paying close attention to. The fact that the $22 level has offered such significant support multiple times on this chart does suggest that it is going to be difficult to break through.

I would anticipate a certain amount of volatility, but at the end of the day the market is simply playing out the same consolidation it has been in for quite some time. The market will continue to see a lot of noisy behavior, but it should be noted that we had broken through the downtrend line that I have marked on the chart, which had been so important for a while. Silver of course is hugely important to the reopening trade, as it is such an important industrial metal. At this point, I think that is probably what we are going to continue to see play out.

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This article was originally posted on FX Empire


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