Silver markets fell more than 2% to kick off the trading week on Monday as we continue to see a lot of downward pressure. The silver market is of course very sensitive to the US dollar, which rebounded slightly on Monday. We have the 50 day EMA running through the body of the candlestick, suggesting that we may not be quite ready to continue pushing further than the bounce we have had. That being said, money is of course extremely volatile, so you need to be very careful with your position size anyway.
SILVER Video 04.01.22
On the upside, if we could somehow break past the $ 23.50 level, then silver probably has a good chance of going towards the 200-day EMA at $ 24.09. However, it is evident that whenever silver tries to recover, it looks like we are going to continue to see selling pressure. And so, I don’t think it will be easy to do. The market is trying to bounce back a bit from the bottom so it will be interesting to see how that goes. That being said, I think the market is going to continue to be very noisy so your position size is the only way to protect yourself in this type of market. The overall attitude of the market seems to be one of confusion, so the last thing you want to do is put a ton of money in that market only to suddenly find yourself on the wrong side of the market.