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

Silver markets have fallen rather hard during the trading session on Thursday to reach down towards the 50 day EMA, at roughly $27.25. The Federal Reserve is thought of as possibly needing to taper due to more people going back to work, but it the end of the day the Federal Reserve is likely to stick to its guns, letting the economy run “hotter longer than anticipated.” Ultimately, the market is looking at the possibility of tapering, but it is very difficult to imagine that the Federal Reserve is going to suddenly get tight with its monetary policy, and more likely than not this will end up being a “buying opportunity” once it is all said and done.

SILVER Video 04.06.21

All of that being said, it is worth noting that the jobs number comes out on Friday, and that of course will have a certain amount of influence on this market as well. Because of this, I would be a bit hesitant to jump in with both hands, but it is very possible that we are looking at a situation where this could offer a nice opportunity to start building up a position. I would be very small about what I put into the market right now though, knowing that the jobs number could come in and cause havoc. Underneath the 50 day EMA, then the $26 level comes into play as support right along with the 200 day EMA and the uptrend line underneath all of that. Because of this, I am simply looking for an opportunity to get long and have no interest in shorting.

For a look at all of today’s economic events, check out our economic calendar.