Silver Price Forecast – Silver Markets Trying to Hang Onto 50 Day EMASilver has fallen quite a bit after gapping higher for the Monday session. That being said though, we have bounced a bit as well.
Silver markets have gapped higher to kick off the week, but then started falling almost immediately. That being said, the market is likely to continue to see a lot of volatility, but I also recognize that at the $24 level underneath should offer significant support. With that being the case, the 200 day EMA sits at the $22.75 level, and I think that also could attract a certain amount of attention. Nonetheless, I do not necessarily think I want to be aggressive about getting back into the silver market to the upside. That does not mean that I want to short it anytime soon, just that I want to see some type of bounce that I can take advantage of. Remember, silver also has a certain amount of industrial use the people will pay attention to as well.
SILVER Video 12.01.21
Looking at the longer-term, I believe that the $20 level will continue to be difficult resistance, but eventually we could break above there and go looking towards the $30 level. I think what we need to see is a little bit of stability first before we can get involved. At that point time, I more than willing to get involved, but I also recognize that it could be very noisy. All things being equal, this is a market that I think will continue to see buyers underneath given enough time. If you are patient enough you should be able to pick up silver “on the cheap”, as there still seems to be a significant amount of support underneath.
75% of retail CFD investors lose money
For a look at all of today’s economic events, check out our economic calendar.