Silver Price Forecast – Silver Markets Hovering Around 200 Day EMA

Silver markets have gone back and forth during the course of the Monday trading, pulling back from the crucial $25 level. The $25 level being broken to the upside would signify that perhaps we are ready to continue trying to rally, but in the short term it looks as if we are simply trying to digest some of the recent gains. With that being the case, I think that it is probably only a matter of time before silver does see some buyers, but we may need to pull back towards the 50 day EMA, presently at the $24.12 level, in order to find an of value.

SILVER Video 23.11.21

A lot of this could come down to the US dollar, which has seen quite a bit of strength during the day as well, so that may be part of the “knock on effect” being felt over here. With that, I anticipate that we will eventually see this market rally, but if we were to break down below the $24 level, I think that could be a very ominous sign. When you look at the most recent structure, it does not take a lot of imagination to see that we had formed an inverted head and shoulders, so as things stand right now, we still looks structurally strong, despite the fact that we have been struggling of the last several days.

One thing is for sure, when silver makes up its mind it tends to go quite parabolic in one direction or the other. I anticipate that we will get there answer the next couple of days, and it will be obvious as to where we are heading.

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