Silver Markets Plunge Toward 50 Day EMA

Silver Markets Technical Analysis

Silver markets have fallen a bit during the trading session on Thursday to break below the 50 Day EMA and threaten the area between that indicator and the 200 Day EMA. That being said, we are starting to see a little bit of stability in this area, and it does suggest that perhaps the buyers are going to try to pick this market up again. If we do, then the market could see silver go looking to the $25.50 level, and then possibly after that to the $26 level.

Underneath, the market has plenty of support near the 200 Day EMA at the $24.32 level. It is not until we break through all of that that I would be concerned about the overall uptrend, but it certainly looks as if silver is trying to see whether or not there is still demand. It does look like that is the case in the short term, and possibly even the long term.

Pay close attention to the US Dollar Index, as the market is going to see a negative correlation yet again, as the US dollar tends to move in the opposite direction. Keep in mind that silver is also an industrial metal, so you need to see demand continue to rise in a growth situation. It does quite often suggest that perhaps inflation is being fought if silver rallies, so that could make a certain amount of sense as well. Either way, this is a market that is still technically in an uptrend and has seen a lot of support just below so I do anticipate a bit of a bounce.

Silver Price Forecast Video 22.04.22

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