Silver Markets Pull Back From the Resistance Barrier

Silver Markets Technical Analysis

Silver markets have pulled back rather drastically during the trading session on Thursday as the $26 level continues to offer massive resistance. Silver has been somewhat parabolic over the last couple of days, and therefore a pullback is to be expected. At this point, the $25.50 level is the first significant support level, followed by the $25 level. Ultimately, I do think that the market will find buyers given enough time, as the 50 Day EMA is sitting at the $24.77 level.

All of that being said, it is a matter of waiting for the market to give you nice support of candle or bounce to get involved in. I am not looking to short silver anytime soon, because quite frankly I think we have further to go with the inflationary story, which of course silver loves. With this being the case, the market is more likely than not going to continue seeing reasons for silver to shine, and therefore it would take something rather catastrophic for me to become a seller.

In fact, I think the market would need to break the 200 Day EMA, which is all the way down at the $24.28 level. Looking at this chart, that does not look very likely to happen but if the US dollar suddenly spikes, that could possibly be a potential factor. If we were to break down below the 200 Day EMA, that is likely that we go all the way down to the $22 level.

At this juncture, I think that pullbacks will continue to attract a lot of attention, so I would not anticipate anything other than a bounce after silver falls.

Silver Price Forecast Video 15.04.22

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