Silver Price Forecast – Silver Markets Testing 50 Day EMA

The silver market initially tried to rally during the trading session on Thursday but gave back the gains to slam into the 50 day EMA. The 50 day EMA of course has been dynamic support for quite some time, and even has been resistance at times. All things being equal, this is a market that is trying to figure out where we are going next.

SILVER Video 30.04.21

The silver market is a bit different than the gold market, in the sense that the silver market is also driven by potential industrial demand, and as a result it is possible that silver remains a little bit more buoyant than gold. After all, if we are going to have a major reopening trade, then it makes quite a bit of sense that silver will be in high demand. However, it is also worth noting that we cannot take off to the upside quite yet and therefore it is worth noting that silver at least looks soft to say the least.

If we were to break above the highs of last week, then it could possibly open up a move to the $28 level, which is an area where we have seen quite a bit of resistance. Breaking above their opens up the possibility of a move towards the $30 level, which caused a massive amount of selling pressure. This is a market that will continue to be very noisy in general, so you will need to be very cautious about your position sizing. At this point, I am a bit hesitant to put any money to work due to the fact that silver does tend to be very choppy.

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