Silver Price Forecasts – Silver markets rallied over the weekend

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Silver markets rallied slightly during Friday’s trading session to show signs of life as the weekend approaches, but we still see significant resistance just above, that is likely coming into play. That being so, I think the silver is very likely going to fall apart, but at least you need to pay close attention to the US dollar index because it has such a strong negative correlation. Additionally, you need to be careful with US interest rates because if they continue to rise, it makes holding money much more expensive than holding bonds.

SILVER Video 04.10.21

The next question will of course be the industrial demand part of the equation, and whether or not there will be this demand in the future. After all, silver markets are highly industrial and act like a precious metal, so this all comes into play. Nonetheless, we had breached the $ 22 level so if we drop below that level I think the market continues to move down a lot, possibly reaching the $ 20 level in the longer term.

Regarding the buy, there might be short term trade above the $ 23 level, but there will also be significant resistance at the $ 24 level as we have broken away from that area. If we were to break through that level one way or another, it would become more of a buy and hold situation, but we’re a long way from that at the moment. Expect volatility, but I’m still looking for signs of exhaustion to sell.

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