Silver Markets Continue to Threaten Upside

Silver Weekly Technical Analysis

Silver markets have rallied significantly during the trading week. That being said, the $25.50 level has offered a little bit of noise, and it does look as if we are ready to go higher. At this point, it looks as if we are still threatening the upside and you need to pay close attention to the US dollar. The US dollar could have a negative influence on the market, but quite frankly it seems like we are more worried about inflation at this point, and therefore silver is likely to continue going higher.

Notice the 50 Week EMA at the $24.24 level that is getting ready to rally. At this point, the market will use the 50 Week EMA as a potential support level, and therefore I think we have the opportunity to look at pullbacks as longer-term buying opportunities. As long as we can stay above the 50 Week EMA, the market will be strong. If we were to break down below the indicator, it is possible that we could go much lower, perhaps crashing back into the $22 level. That being said, the market is more likely than not going to find plenty of buying pressure there. If we were to break through all of that, it could be very negative.

A breakdown below that level would probably signify a major shift in the overall global markets, and as a result, I do not think that is likely to be something that we see anytime soon. Ultimately, as long as we have the same issues that we have right now, it is likely that we go higher rather than lower. Expect volatility, but I still believe in the upward pressure.

Silver Price Forecast Video 18.04.22

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