Silver Markets Look to Recover

Silver markets have rallied a bit during the trading session on Thursday to break above the $25.50 level. At this point, it looks as if the market is trying to break out, but it is not confirmed until we get beyond the $25.75 level. When that happens, it is likely that we go looking towards the $26.50 level, possibly even the $27 level. That being said, the market is very likely to be looking to continue the overall trend, but at this point, it seems as if we are going to make a significant attempt at it.

SILVER Technical Analysis Video 25.03.22

Underneath, the $24.75 level offers support, just as the 50 Day EMA does. We have just formed the so-called “golden cross”, where the 50 Day EMA breaks above the 200 Day EMA. At this point, the market continues to see plenty of interest, as inflationary concerns and the overall commodity market pressure continues to be a major factor.

Pay attention to the US Dollar Index, as it has a strong negative correlation to the silver markets as well. Silver is also an industrial metal, so it will be interesting to see whether or not we continue to see that influence the market as well. It does certainly look like the market is trying to figure out where it is going to end up, but right now I would have to say it is going to be much higher based upon the recent price action. The overall chart looks rather strong.

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