Silver Price Forecasts – Silver Markets Are Hit Hard

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Silver markets slumped a bit during Tuesday’s trading session to slice the 50-day EMA. The market’s fall below the 50-day EMA suggests we may be looking towards the start of the latest wave higher, which started at around $ 23.25. Nonetheless, money seems very well supported in this general neighborhood, but it seems at this point that there are serious doubts. Keep in mind that silver is an important industrial metal that many people will pay close attention to, as reopening the trade requires a lot of it. Nevertheless, you should also pay close attention to the US dollar index, as it has a huge negative influence on this market.

SILVER Video 03.11.21

On the upside, we have the 200-day EMA at the $ 24.53 level, which is an area that people will pay close attention to. After that, we have the $ 25 level, which is a big, round, and psychologically significant number, and it makes a lot of sense that we pay close attention to that number. If we break above that level, it opens up the possibility of a more “buy and hold” situation.

One thing is for sure, you have to be very careful in trading silver because it is very volatile. Quite frankly, you need to either use a very small position and create a single one that the market works in your favor, or even consider the idea of ​​trading an ETF that is heavily exposed to the commodity itself. Silver will remain volatile, but it certainly looks like it is suffering right now based on the candlestick.

For an overview of all of today’s economic events, check out our economic calendar.

This article originally appeared on FX Empire

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