Silver Price Forecast – Silver Continues to Hang Around 200 Day EMA

Silver markets have rallied slightly during the trading session on Thursday as we continue to bounce from the psychologically important 200 day EMA, but still see significant resistance above at the $25 level. Underneath, we have the $24 level which is also offering support, so I think we continue to see a lot of noisy behavior. That being said, we still need to pay close attention to the interest rates coming out of America, because of they are of course influential on what happens in the precious metals markets.

SILVER Video 02.04.21

Looking at the Friday session, it is Good Friday, so I think ultimately, we are looking at the market through the prism of low liquidity. There will be some electronic trading going on, but at the end of the day I think that silver will probably be very quiet. That being said, over the next couple of days if we can take out the $25 level to the upside it could provide the momentum to go higher. To the downside, if we were to break down below the $24 level, we could see the market fall towards the $22 level.

We are currently stuck between the 200 day EMA on the bottom and the 50 day EMA on the top, providing a little bit of a squeeze. Because of this, I think we are very likely to see a lot of back and forth in the short term more than anything else. The last couple of days have been a good start, but quite frankly when you look at the last couple of weeks, it has been mainly red candles more than anything else.

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