Silver Markets Continue to Look for Support

Silver markets have fallen a bit during the trading session on Wednesday as traders are still waiting to see what the FOMC is going to say, and perhaps more importantly what the attitude of the statement will be as traders have to worry about whether or not the Federal Reserve is going to tighten even further, or if they are going to mention all of the problems around the world and how it could slow the tapering process.

SILVER Video 17.03.22

The $25 level does seem to be a bit of a magnet for price, and therefore I think is probably only a matter of time before we see markets go back and forth from that area. Whether or not it holds as support is a completely different question, so we will have to wait and see whether or not that ends up being the case. I do think that given enough time; we will have to reach towards the $25.50 level in order to get bullish from a longer-term standpoint.

On the downside, if the market was to break down below the $24.75 level, then it is possible that we could see silver fall rather rapidly, perhaps crashing into the 200 Day EMA indicator. That of course would be very negative for silver, as we have seen such a move to the upside and therefore it is likely that we will have to pull back at the very least to find buyers. The question now is whether or not they will show up? At this point, I think the next 24 hours could be crucial as to where we go next, so pay close attention to how we close at the end of the session.

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