Silver Weekly Price Forecast – Silver Markets Pull Back to 50 Week EMA
Silver markets have fallen during the trading week to reach down towards the uptrend line and of course the 50 week EMA. That being said, the market is likely to continue to go higher and therefore try to reach to the upside. We have bounced a bit later in the week, in reaction to not only the uptrend line but that moving average. This is a market that will also be paying close attention to the $25 level, which of course has a lot of psychological importance attached to it. It is because of this that I believe the market is about to make a relatively significant choice.
SILVER Video 26.07.21
If we were to break down below the bottom of the candlestick, it is very likely that we could drop towards the $20 level over the longer term, although that obviously would be more of a trend than a sudden move. On the other hand, if we were to turn around a break above the top of the weekly candlestick that we just printed, then we will probably continue to grind to the upside and go looking towards the $27 level which has been short-term resistance.
That being said, we have recently formed a very negative candlestick leading into this move, which typically does not happen in some type of vacuum. With that, I think it is only a matter of time before we see some type of an attempt to follow-through, but all things being equal this is a market is going to be noisy to say the least as we will continue to go back and forth.
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