Silver Weekly Price Forecast – Silver Markets Slam Into $22

Silver markets have fallen significantly during the trading week, reaching down towards the $22 level. The $22 level is an area that a lot of people have been paying attention to for a while, so therefore I think it makes a certain amount of sense that it would continue to offer support. Furthermore, the 200 week EMA is sitting at $21.11 and rising, meaning that it will get to the $222 level soon. I do like the idea of waiting to see what happens next week, because if we take out the $21 level to the downside, silver could really start to fall apart.

SILVER Video 06.12.21

On the other hand, if we can stabilize above $22, it is likely that we simply go back and forth in the same range that we have been and for what seems like a lifetime. The US dollar has a negative correlation to the silver market, so that is worth paying attention to as well. Silver also has an industrial case situation that you have to pay attention to, due to the fact that silver is such a highly valued industrial metal when it comes to green technologies.

The underlying demand picture for silver is good, but that is not enough to push the market higher it seems. The 50 week EMA is close to the $24.31 level, so that could make a target on any type of bounce. Nonetheless, silver is extraordinarily volatile and dangerous at times, so I do not put a lot of money into this market.

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