Silver markets have been relatively volatile as we fell slightly during Monday’s trading session, only to turn around and again show signs of support at the $ 23 level. For this reason, the market looks set to challenge the 50-day EMA just above and the recent high at the $ 23.64 level. If we can get past this level, the market will likely test the crucial $ 24 level. This is an area where I would expect to see a lot of resistance. At the end of the day, it’s a market that I think continues to see volatility, which is somewhat normal for the money anyway as it’s a very volatile market.
SILVER Video 19.10.21
Pay close attention to the US dollar index as it also has a major influence on what goes into money. It has a major negative correlation, so as the US dollar starts to recover again, it could cause a bit of negativity in the silver market. Alternatively, if we turn around and see the US dollar crash, it might give the silver a little boost. If we can break through the $ 24 level then I think this market will probably continue to see a lot of momentum to hit the $ 25 level. Anything above the $ 25 level then becomes more of a “buy and hold” scenario, and at that point I would aim for recent highs again. On the downside, I expect the $ 23 to be supportive, and the $ 22 level will be massive support, as we’ve seen several times on the longer-term charts.