Silver Price Forecast – Silver Markets Pull Back to 50 Day EMA

Silver markets have pulled back a bit during the course of the trading session on Wednesday as we are going to continue to pay close attention to the 50 day EMA. Furthermore, yields in America rising could work against silver but at the end of the day it is also an industrial play so that is worth paying attention to. At this point in time, the market is likely to see a lot of noise in general, and therefore I think you are going to need to be cautious about putting in lot of money to work. At this point in time, the $26 level also offers a bit of a magnet for price.

SILVER Video 29.04.21

A breakdown below the 50 day EMA would open up the possibility of a move down to the $25 level, which of course is a large, round, psychologically significant figure, and then the 200 day EMA would more than likely come into play. The 200 day EMA is of course a large, round, psychologically significant figure, and it is worth paying close attention to. Breaking down below there could open up a move down to the $22 level, but quite frankly I do not see that happening anytime soon. At this point in time, I suspect that we will continue to see a “buy on the dip” type of mentality going forward in this market. To the upside, if we were to break above the recent highs over the last couple of weeks, then we probably go looking towards the $28 level which has seen a significant amount of selling in the past.

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