Silver Market Trying to Stabilize

Silver Markets Technical Analysis

Silver markets have gone back and forth during the course of the trading session on Tuesday, as we continue to see a lot of volatility in general. Looking at this chart, it is obvious that we have shifted to a very negative attitude, but the candlestick on Tuesday suggests that perhaps we are going to stabilize a bit, perhaps even bounce. That bounce, of course, is a sign that perhaps we could start selling off again unless of course, we take out the $25 level to the upside. The US dollar has been like a wrecking ball for silver, and I think will continue to be so.

If we break down below the lows of the Monday session, then the market could reach the $23 level rather quickly, perhaps even the $22 level. The $22 level underneath has been a major support for quite some time, so I would be looking for buyers to jump into this market. If we were to break it down below that support zone, that could be brutal for silver to say the least.

The 200 Day EMA sits at the $24.30 level, and that could be a bit of a barrier to the upside, right along with the 50 Day EMA that sits at the $24.74 level. Ultimately, I will be looking for signs of exhaustion that I can sell into, which I think will present itself rather quickly on any type of rally. Not only does silver have to worry about the US dollar, but it also has to worry about potential lack of demand if the economy does start to slow down.

Silver Price Forecast Video 27.04.22

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