Silver Price Forecast – Silver Markets Hanging Around 200 Day EMASilver markets have initially dipped during the trading session on Wednesday to reach down below the 200 day EMA.
Silver markets initially dipped below the 200 day EMA on Wednesday as we continue to see a lot of noise in the markets. With the rising US dollar overall, that is bad for precious metals, and therefore I think that we are looking at a scenario that probably sees metals go lower, not higher. As I look at this chart, I can plainly see that the $24 level also offer support in and of itself, but if we were to break down below there then the next support level is going to be found near the $22 level. If silver turns around a break down below the $22 level, that could be very bearish to say the least, perhaps ending the overall uptrend for good.
SILVER Video 01.04.21
To the upside, I see the $25 level as significant resistance, and breaking above that level would of course be a very bullish sign. Ultimately, I think what we are looking at here is a scenario where the markets need to prove themselves before buyers are going to step in with any type of significant size. With this being the case, I believe that we are looking at a marketplace that allows for a little bit of “leeway” when it comes to your timing. Quite frankly, if we break above the $25 level it would be bullish and of course attract a lot of attention in a market that will have had a massive correction. In general, I see no interest in trying to get overly aggressive until we get an impulsive candlestick showing us which direction we are heading towards.
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