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Christopher Lewis
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Silver

Silver markets have gone back and forth during the trading session with more of an upward slant than anything else, showing that we are more likely than not to continue bullish pressure. However, it is not until we break above the $26.75 level that I think the market is going to be free to go higher. Until then, I would anticipate a lot of noise, but it is clear that the buyers have more of the momentum going forward, so I do think that shorting is all but impossible, at least right now.

SILVER Video 28.04.21

Underneath, we have the 50 day EMA. It sits at the $25.84 level and if we break down below there it is likely that the market goes looking towards the $25 level. The $25 level course is a large, round, psychologically significant figure, and an area where we have seen both support and resistance in the past. Just below there, we have the 200 day EMA sitting at the $24.45 level. All things been equal, this is a market that is trying to show signs of life and therefore it seems as if it is only a matter of time before silver gets a bit of a boost, which makes quite a bit of sense considering that the commodities sector in general is doing quite well.

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Silver of course gets a bit of a boost due to the idea of the reopening trade and industrial demand. Furthermore, if the US dollar continues to get sold off, that could help silver, as it is priced in that same currency. All things been equal though, this is more or less going to be an industrial play than anything else.

For a look at all of today’s economic events, check out our economic calendar.

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