Silver Markets Give Up Gains From the Previous Session

Silver markets have pulled back a bit during the trading session on Friday to break towards the $25.20 level. The $20.50 level has been important more than once, so it makes a certain amount of sense that we would see price react to it. Ultimately, this is a market that I think will continue to be volatile but at this point in time, it is likely that the silver markets will be very difficult as the economic situation around the world continues to deteriorate. At the same time, there are concerns about inflation, so that does give a little bit of a buffer for silver at times.

SILVER Video 21.03.22

On the upside, if we can break above the $25.75 level, then we could go looking towards the $26.25 level. If we can break above there, then it is likely that the market could go higher. We have had a decent pullback, but we also have been in a strong uptrend previously. Because of this, I think it is probably going to continue to chop around in this general vicinity in the short term.

That being said, gold suddenly takes off it is possible that we could go higher in the silver market based upon a move in sympathy. If we were to break down below the 50 Day EMA underneath, then it is possible that we could get a more significant breakdown, but at this point, the market does not look like it is ready to do that either. Keep your position size reasonable.

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