Silver Markets Technical Analysis
The silver market has been somewhat bullish during the trading session on Wednesday, but Wednesday is going to be a unique session in the sense that we do have the Federal Reserve late in the day and that of course has a major influence on what happens next. If we can break above the $31 level on a daily close, then I believe that opens up the opportunity for the market to go looking at the $32.50 level.
If we break down from here, the 200 day EMA comes into the picture, and I think that ends up being support right along with the $28.75 level. All things being equal, this is a market that is range bound, but I’m watching this $31 level on a daily close above, mainly due to the fact that it would be such an obvious breach of resistance that I think a lot of people would jump in.
Keep in mind that silver has a lot to think about. We have interest rates, which obviously will be addressed by the Federal Reserve, but we also have industrial usage. There are a lot of questions about tariffs and economic growth or lack of, and I think that’s part of what we’ve seen work against silver overall. So, with that being said, I anticipate that we will stay in this range, but I’m waiting to see how we close at the end of the session.
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