Silver Markets Continue to Dance Around the $25 Level

Silver Markets Technical Analysis

Silver markets have rallied just a bit during the trading session on Wednesday to show signs of stability near the $25 level. The $25 level of course is a large, round, psychologically significant figure so it will be interesting to see if it continues to offer a bit of support.

The size of the candle suggests that the market is trying to stabilize in this general area, and therefore we could get a bounce at this point in time. The silver markets will continue to pay close attention to the US dollar, as it has a major negative correlation to it. The US dollar strengthening means that it will take less of those dollars to buy an ounce of silver, lease that the theory. However, it will be interesting to see whether or not the market can hang about here and whether or not inflation will stoke the fire as well.

On the upside, the $25.50 level should be a bit of resistance, while the 200 Day EMA should be supported. Ultimately, the market will continue to see a lot of noisy behavior, but the hammer from the trading session on Tuesday does suggest that we have upward pressure.

That being said, the candlestick from the Wednesday session filled the gap, so now we have a real conundrum on our hands. Ultimately, this is a market that needs to make a decision, so I think if we break above that gap from a couple of days ago, then we probably go higher. Otherwise, it is more likely than not we get a lot of noisy sideways type of trading in this general vicinity.

Silver Price Predictions Video 31.03.22

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