Silver Price Forecast – Silver Markets Stabilizing

Silver markets have gapped a little bit higher during the course of the trading session on Wednesday, but then fell towards the bottom of the range from the previous trading day. That being said, we are sitting on an uptrend line, so therefore it is likely that there could be a certain amount of buying pressure here. That being said, the 50 day EMA currently sits just above the $24 level, so I think that is a significant area that we need to pay attention to, as the 50 day EMA is starting to curl lower. I think that could be your short-term target on a recovery, but whether or not we can take off to the upside is a completely different situation.

SILVER Video 25.11.21

On the other hand, if we break down below the uptrend line, extensively the lows of the previous session on Tuesday, then I think the market breaks down towards the $23 level, perhaps even down to the $22 level. Silver of course has a major negative correlation to the US dollar, so that is something worth paying attention to, but all things been equal you need to keep in mind that we have been so significantly sold off in the last couple of days to show extreme weakness, so a little bit of a recovery could be important. If we were to break above the 50 day EMA, then it is likely that we could go looking towards the $24.53 level where the 200 day EMA sits. Now that we have Thanksgiving coming tomorrow, liquidity could be an issue so I would not read too much into the candlestick over the next 24 hours.

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