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Christopher Lewis
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Silver

Silver markets have gone back and forth during the course of the trading session on Tuesday to show the 50 day EMA is a bit of a magnet for price, not to mention the $26 level. At this point time, the market is likely to continue to see a lot of choppy and “wait and see” action. The silver markets tend to be volatile, and therefore it is best to keep an eye on your position size, as the futures markets are expensive to say the least, at $25 a tick per contract.

SILVER Video 21.04.21

The $25 level underneath should be supportive and therefore I believe that signs of a bounce should be paid close attention to as the market certainly trying to build a bit of a base in this general vicinity. The 200 day EMA sits at the $24.36 level, and the market will be paying attention to it as well. The $26.50 level above is the next resistance barrier that people are paying attention to and breaking above there will almost certainly bring in even more money to the market. The $28.50 level above would be the next barrier before we could go looking to the $30 level.

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The markets continue to be very noisy, and as a result I think that we are looking at a situation that you are trying to build up momentum in the meantime. The market breaking below the $24 level could be a very bad sign, opening up a move down to the $22 level if we do in fact see the market break down.

For a look at all of today’s economic events, check out our economic calendar.

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