Silver Markets Plunge Towards 200 Day EMA
Silver Markets Technical Analysis
Silver markets have plunged during the trading session on Wednesday to reach the 200 Day EMA, an indicator that a lot of people will be paying close attention to. The market will continue to see a lot of volatility, but if we were to break down below the 200 Day EMA on a daily chart, it is very likely that we would see further selling, perhaps allowing the silver to break down completely.
This has been a rough couple of days, and therefore it suggests that we could go lower. The market could go looking towards the $23.50 level, perhaps even the $22 level after that. Ultimately, this would be a very negative turn of events for silver, perhaps leading to a massive collapse. All things being equal, the market got far too ahead of itself, so the fact that we have pulled back should not be much of a surprise.
That being said, there are buyers stepping in at the 200 Day EMA, which of course is an important level. The market breaking above the $25 level would be very bullish, perhaps opening up the possibility of the $26 level being targeted. You should keep in mind that the US Dollar Index has an inverse correlation to this market, so one should pay close attention to what goes on in that market as to a bit of a “heads up” and what happens here. Because of this, I think the market is going to continue to be very volatile, but it certainly looks as if there has been a “shot across the bow” over the last couple of days, so it will be interesting to see where we go from here.
Silver Price Predictions Video 30.03.22
For a look at all of today’s economic events, check out our economic calendar.