Silver Price Forecast – Silver Markets Continue to Hang About 50 Day EMA

Silver markets initially dropped during the trading session on Wednesday, but then turned around to show signs of life as we have turned around and recapture the 50 day EMA. At this point time, the market looks as if it is taking a serious look at the $23.50 level above, an area that has been resistance. If we can break above there, then obviously that would be very bullish for silver and could send is looking towards the 200 day EMA which is at the $24.07 region.

SILVER Video 06.01.22

To the downside, if we were to break down below the $22.65 level, then we could go looking towards the $22 level underneath. Ultimately, this is a market that looks like it is going to be very choppy in general, which is quite common for silver as it is a very volatile contract. With this being said though, it is worth noting that it seems as if the buyers are becoming slightly more aggressive as time goes on.

The silver market of course is one that you need to be cautious with your position size because of that massive volatility that can come into the picture and of course the contract sides itself, so with the Friday jobs report coming out we could see a lot of volatility, maybe not necessarily due to silver itself but the idea of what is going on with the greenback. Because of this, I am cautiously optimistic with silver, but I also recognize that we may have a lot of work to do in order to finally make a move that we can follow.

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