Silver Price Forecast – Silver Markets Get Hammered on Wednesday

Silver markets have fallen rather hard during the trading session on Wednesday, as we have pulled back from the 50 day EMA and slammed into the $22.70 level underneath. If we continue to break down from here, then the $22 level could be targeted. I do recognize that silver is very erratic so therefore I would be very cautious about my position size. Nonetheless, it is obvious that it has run out of momentum, and it certainly looks as if it is going to favor the downside from here.

SILVER Video 30.12.21

I do not want to buy this market anytime soon, but I do recognize if we can break above that shooting star from Tuesday, it would be a very bullish sign. At that point in time, I suspect that we would probably go looking towards the 200 day EMA but it must be noted that yesterday saw a massive repudiation of precious metals in a simultaneous beat down that occurred within about 15 minutes.

Because of this, it looks as if the precious metals markets are not ready to make a move to the upside quite yet and now the question is whether or not we can build up some type of basing pattern, or are we simply going to go reaching towards the bottom again? The next couple of days are going to be thin to say the least so you have to be very cautious about your position size anyway, which is typically true with silver as it tends to be very noisy and dangerous if you are not careful with the position size that you are using.

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