Silver Price Forecast – Silver Markets Hover Above 50 Day EMASilver markets initially tried to rally during the trading session on Monday but gave back the gains to reach back towards the 50 day EMA.
Silver markets have initially tried to rally during the trading session on Monday but gave back the gains to reach down towards the 50 day EMA again. Silver continues to struggle at the $26.50 level, and therefore I think it is worth noting that we are going to have to pay close attention to that level. As long as we cannot break above it, silver is going to continue to be choppy at best. We have seen silver go back and forth based upon the idea of industrial demand and of course the US dollar.
SILVER Video 20.04.21
All things been equal, this is a market that I think continues to be very noisy but if we pull back from here it is likely that we would see a certain amount of support at the $25 level. The $25 level is of course a large, round, psychologically significant figure, but at the end of the day it is also an area where we have seen a little bit of a surge higher. The 200 day EMA is of course a longer-term technical indicator that we will be paying close attention to and if we were to break down below there, then it could be a very negative sign. At that point, it would probably open up the move down to the $22 level.
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If we were to break down below there, then the market would completely fall apart and at this point I have no idea where we would go, but I can tell you it is going to be much lower. To the upside, if we were to break above the $26.75 level, it opens up the possibility of a move to the $28.35 level. After that, silver would probably go challenging the $30 level.
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