Silver Price Forecast – Silver Markets Look Primed for Pull Back

Silver markets have initially tried to rally during the course of the trading session on Tuesday but gave back the gains as the $25.50 level continues to cause major resistance. All things being equal, the question now is whether or not we can stay above the $25 level? If we do break down below there, then it is likely that the market would go looking towards the 200 day EMA, the 200 day EMA is of course an indicator that a lot of people pay close attention to, so it does make a certain amount of sense that we would see support in that area. However, if we were to break down below there it could open up fresh selling and perhaps change the overall attitude.

SILVER Video 17.11.21

The 50 day EMA is starting to reach towards the 200 day EMA and is signaling that we may perhaps get a bit of “golden cross” happening, but we are all while from seeing that. It is a longer-term “buy-and-hold” indicator that so when traders and investors tend use, so it is worth noting. Ultimately, this is a market that I think will continue to move based upon industrial demand more than anything else. After all, we have seen silver and the dollar both rally at the same time. It is not that the US dollar cannot be a bit of a drag for silver, it is more that the markets are focusing on the reopening trade more than anything else. There is still plenty of volatility in this contract, so by all means be cautious with your position size.

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