Silver Markets Hover Above 50 Day EMA

Silver Markets Technical Analysis

Silver markets have gone back and forth during the Monday trading session as we are sitting just above the 50 Day EMA. By doing so, the market looks as if it is going to continue this sideways dance just above this major moving average, but it is worth noting that we have been slumping as of late. Whether or not that continues is a completely different question, but at this point, it certainly looks as if silver is having a bit of a problem.

If we do break down below the 50 Day EMA, then we might focus on the 200 Day EMA underneath there, which is a longer-term indicator that will attract a lot of attention. If we do in fact break down below there, then it is likely that the silver market will become very negative, perhaps breaking down to reach the $23 level, maybe even the $22 level under that which would be massive support just waiting to be tested. In fact, there is a “zone of support” that extends down to the $21.50 level in that area.

On the upside, if we can break above the $25.50 level, then we will test the $26 level next, perhaps even go as high as the $27 level after that. It is an area that is significant resistance in that area, so it is difficult to see whether or not we would have the momentum to break above there, but it is worth noting that there is a huge negative correlation between the US Dollar Index and silver markets, so keep an eye on that index as well.

Silver Price Forecast Video 05.04.22

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