Silver Markets Bounce From 50 Week EMA

Silver Weekly Technical Analysis

Silver markets have had a somewhat negative week, reaching down to the 50 Day EMA before bouncing significantly. By doing so, the market looks as if it is trying to stabilize itself, perhaps opening up the possibility of recovery again. The $25.50 level is an area that has been a magnet for the price, and therefore it would not be surprising at all to see this market hang about here. After all, the $25.50 level has been important several times in the recent past.

Looking at the chart, if we were to break down below the 50 Day EMA, it is possible that we could drop to the $22 level, but right now I do not think it is likely that we down that easily. On the upside, the market breaking above the $25.50 level could open up the possibility of a move to the $27.50 level, but all things being equal this is a market that could choose to form a new range overall.

At this point, you should also pay close attention to the US dollar as well, as it is quite often negatively correlated to this market in general. With this, I think it is probably only a matter of time before we have to make a bigger move, but right now it looks as if we will more likely than not try to form some type of range from which to trade. Silver markets do tend to be very choppy, so do not be surprised at all to see this market grind sideways in general. In fact, when you look at the longer-term chart, we are essentially near the middle part of the trading block.

Silver Price Forecast Video 04.04.22

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