Silver Forecast Today 10/06: Explode Higher (Video)

2025-06-11 04:18:59

(MENAFN- Daily Forex)

Silver has skyrocketed yet again during the trading session on Monday as we are up about 2%.
Well, things being equal, this is a market that has broken a major resistance barrier in the form of $35.48.
Now we have to think where could we go? Well, you have to go back multiple years to see what happened last time we were up here.

So for example, in 1979, we reached the $41 level. In 2011, we reached the $50 region. And now we're at a major swing high back in that previous massive rally in January of 2021, where somewhere right around the $38 level was a bit too much.

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So now that we see the historical context of this market, this is a market that I think does go higher, but it is going to have a lot of overhead resistance. In other words, short-term pullbacks are essentially what we are going to be looking for to get involved. Really, ultimately, this is a market that I think will look at this $35.48 level as support.

On an Even Deeper Drop...

And if we break down below there, I think you have a couple of other areas in the form of $34.67, the 50 day EMA and $33. It's really not until we break through all of that that I start to have questions. The market is somewhat negatively correlated to the US dollar, but not always. And that's something that I don't want you to get too fixated on rather, I suspect that a lot of what's going on with silver is the same thing that's going on with copper and crude oil and various other rarely traded metals by retail traders. That is a suggestion that we are in fact going to see more industrial demand. The United States and China's conversations, although not producing a trade agreement yet is a step in the right direction. So, I think the market's trying to get ahead of something rather growth related and silver, of course being an industrial metal is right there with it.

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