Silver Markets Get Hammered

Silver Markets Technical Analysis

Silver markets have gotten crushed during the trading session on Tuesday to break down to the $25.50 level. By doing so, the market looks as if it is going to continue to look for buyers in this area, but if we break it down too much further, then I believe the market goes looking to reach the $25 level. The $25 level course is a large, round, psychologically significant figure, and an area where a lot of people would be paying attention to. The size of the candlestick is rather negative, and that suggests that perhaps we could have further selling, but right now we need to see momentum pick up in order for that to be important out.

If we were to turn around and take out the $25.50 level on a daily close, that could open up the possibility of a move to the $26 level. The 50 Day EMA is currently at the $24.85 level and rising, so it does suggest that there is dynamic support trying to rally from here.

With all that being said, I do think that silver is going to pay close attention to the US dollar, as it does has had such a negative correlation between the two markets. With that being the case, I think you need to be cautious but also recognize that we are in an area that could be very difficult to navigate. Pay close attention to the US Dollar cap Index, as it could give you a bit of a heads up as to where we are going next. Either way, it looks like silver is suddenly being threatened.

Silver Price Forecast Video 20.04.22

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