Silver Forecast Today 21/03: Uptrend Remains Intact (Chart)

(MENAFN- Daily Forex)

• During the Thursday session we saw the silver market plunged pretty significantly, but it is also worth noting that the market had been in a huge uptrend getting to this level.
• Ultimately, I think this is a market that will continue to be very noisy, but given enough time, we should go looking at the upside yet again.
• The size of the candlestick at the New York open was rather ugly, but it's not necessarily toxic due to the fact that we have seen such a huge run over the course of 2025.

Technical Analysis

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The technical analysis for this market is obviously very bullish, but it also is a market that would not surprise me to see a little bit of a pullback as traders try to collect profit. After all, the market has been very bullish and therefore I think we will have a little bit of a“give back” sooner or later. However, it's worth noting that the 50 Day EMA sits just below the crucial $32.35 level and is rising. Furthermore, we are hanging around the $33.33 level, which is an area that's been both support and resistance in the past, so it would make a certain amount of sense if we were to have a bit of buying pressure in this area as well.

Regardless, I don't have any interest in shorting the silver market anytime soon, as it has been so strong. I look at any pullback at this point in time as a potential buying opportunity and an opportunity to find a bit of“value” in a market that has been extraordinarily positive. In fact, it's not until we break down below the 50 Day EMA that I even remotely consider the idea of the trend being broken, and we are essentially light years from that level at this point. If we can continue to go higher, then we will eventually test the $35 level which was a massive swing high previously.

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