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Silver Price Forecast – Silver Markets Give Up Gains

By:
Christopher Lewis
Published: Apr 23, 2021, 16:36 UTC

Silver markets initially shot higher during the course of the trading session on Friday but gave back the gains to crash back into the $26 region.

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Silver markets initially tried to rally during the course of the trading session on Friday but gave back the gains to turn around and slam back into the $26 level. This is an area that of course will attract a certain amount of attention considering that it has been important more than once, and the 50 day EMA is hanging about in the same area. With this being the case, the market is likely to continue to see a lot of support, but if we were to break down below the 50 day EMA, that does not necessarily mean that you should be a seller. It may just mean that we need to pull back a little bit in order to find even more buying.

SILVER Video 26.04.21

In fact, as far as selling is concerned, I have no interest in doing so until we break down below the 200 day EMA. If we do, then I would be aiming towards the $22 level but right now we are not threatening to do so. If we were to break above the top of the highs from the last couple of days, then it is likely that we then go looking towards the $28 level. The market continues to be very choppy, and that should not be a huge surprise due to the fact that the US dollar has been as well. There is also the narrative of the reopening trade that will continue to throw the silver markets around. With that being the case, I think it is only a matter of time before we continue to chop. The 50 day EMA does seem to be main technical influence at the moment.

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About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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