Silver Price Forecast – Silver markets break out

silver markets It exploded to the upside during the trading session on Wednesday as US CPI numbers came in much stronger than expected. With inflation approaching, it makes sense for precious metals to increase. Silver of course also has the added advantage of being an industrial metal, so it can play a role as well. In this case, I like the idea of ​​being long in the silver market, as long as we can stay above the $25 level. The 200 day EMA is now at the $24.52 level, and I think it should continue to see a lot of interest paid to it. Because of this, it’s very likely that we’ll see a lot of noisy behavior in the short term, but in the end it looks like we’re going to go up.

Silver Video 11.11.21

Based on the “inverted head and shoulders” that I see on the chart, it might indicate that silver is heading towards the $28.50 region, but it will obviously take some time to get there. Ultimately, I think we have enough interest in this general area that we can start talking about the idea of ​​getting long positions out of this market on the short-term dips, because frankly, it’s probably only a matter of time before we see some kind of boom in the commodity markets again. . This is likely to be an ongoing topic going forward, as commodity markets take off suddenly and without warning. On the downside, I think that the $23 level now is a strong candidate for the “market floor” going forward.

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