Silver Price Forecast – Silver Markets Still Looking for Catalyst
Silver markets initially tried to rally during the course of the trading session on Wednesday but continues to struggle at the 50 day EMA. Underneath, the market has plenty of support at the $26 level, so through difficult to imagine shorting this market anytime soon. That being said, we also have the 200 day EMA just below there and the uptrend line that comes into the picture. After that, we also have the $25 level, which is an area that will be a significant psychological barrier as well.
SILVER Video 15.07.21
If we were to break down below the $25 level, then I think that this market probably takes off to the downside. We would more than likely see silver go looking towards $24 initially, and a break below their opens up the possibility of dropping down towards the $20 level. On the other hand, if we were to turn around and rally to break above this 50 day EMA on a daily close, at that point I think the market is probably going to try to fill the gap above at the $27.75 level. If we can break above there, then it is very likely that we continue to go higher, threatening that area between $28 and $30 above. In the short term, I think we simply grind back and forth so if you are a short-term trader, this might be a nice scalping opportunity but until we get some type of impulsive candlestick, we have to be on the sidelines.
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