Silver Price Forecast – Silver Markets Have Strong DaySilver markets have rallied quite nicely during the trading session on Tuesday as we continue to see the US dollar jump around.
Silver markets rallied significantly during the trading session on Tuesday to reach towards the $25.50 level above. Just above there, the 50 day EMA is drifting lower, and offering a certain amount of resistance. That being the case, I think that it is only a matter of time before we would see some type of resistance but if we can break above there then silver is likely to go looking towards the $26.50 level. A break above that level then freeze the silver market to go much higher.
SILVER Video 14.04.21
The US dollar of course has a major influence on where the pair goes next, so I will be paying close attention to it. During the day, the US dollar was a little bit soft, so it certainly makes sense that silver got a bit of a bid. That being said, the market is also squeezing between two crucial moving average is that a lot of people pay attention to, so should not be surprising at all that we are essentially stagnant. Yes, the trading session on Tuesday was rather impressive, but we have seen this back and forth action before.
Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
It is not we break above the 50 day EMA on a daily close that I am willing to put a bunch of money into this. I think silver ultimately does have a bright future, but we have a lot of work to get through in order to push this market much higher. I do think eventually that happens, but you probably have quite a bit of time before you have to worry about actually placing the trade.
For a look at all of today’s economic events, check out our economic calendar.