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Silver Weekly Price Forecast – Silver Markets Have Explosive Growth for The Week

By:
Christopher Lewis
Published: May 7, 2021, 16:52 UTC

Silver markets have rallied significantly during the course of the week to reach towards the $28 level. However, as we close out the week, we are certainly trying to get to the upside.

Silver

Silver markets have had a strong week as we approached the $28 level. The $28 level is a large, round, psychologically significant figure, and as a result we have seen a little bit of selling pressure. Ultimately, if we can break above the $28 level, then I think the market is probably going to go looking towards the $30 level. Ultimately, the $30 level will be very difficult to get above, but if we do it will open up a fresh leg higher. At that point, I think silver becomes more of a “buy-and-hold” type of situation.

SILVER Video 10.05.21

Silver is rallying based upon the idea of the industrial reopening trade, and of course the massive amount of silver that will be necessary for that type of scenario. Underneath, I see the $26 level as support and the uptrend line comes into play as well. The 50 week EMA is sitting at the $24 level, an area that has been important for some time, so I do think at this point we are more than likely going to continue to see buyers on dips from a longer-term standpoint. The US dollar falling of course could have a role to play in this market so keep an eye on that as well.

All things been equal, I think that the uptrend is very much in play, and therefore I have no interest whatsoever in trying to short this market, as it has been so bullish. Ultimately, I think that we do see the market smash through that $30 level, but it may take several attempts.

For a look at all of today’s economic events, check out our economic calendar.

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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