Silver Recovers After the Short-term Pullback

Silver Markets Technical Analysis

Silver markets fell during most of the day on Thursday, and then fell a little bit further on Friday, but it looks as if we are stabilizing right around the $25.50 level. Most of the trading during the session on Friday was done in the CFD market, but it does look as if we are finding plenty of buyers just underneath. That being said, the market is very noisy, to say the least, and it is worth noting that the $26.25 level is massive resistance. If we were to break above there, it would obviously change silver into a very bullish market, perhaps reaching the $27 level given enough time.

Alternately, if we break down below the $25.50 level, then it is possible that we could get down to the $25 handle. The 50 Day EMA indicator underneath is starting to curl a little higher as it is at the $24.77 level. At this point, you should also notice that the area between the 50 Day EMA and the 200 Day EMA should be massive support, and in fact, should be thought of as a “zone of support.”

Looking at this chart, you can make an argument for a larger bullish flag, but that does not necessarily mean that we simply take off in the short term. I would pay close attention to the $26 level more than anything else, as it is an area that I will use as a trader. That being said, any time we pull back it should offer a certain amount of value.

Silver Price Forecast Video 18.04.22

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