Technical analysis of silver markets
Silver markets declined to kick off the trading session on Wednesday as we continue to see a lot of noise around the $20.00 level. Also, we have the 50-day EMA in the same general vicinity, so I think it makes sense that we ran into some issues. Beyond all of that, we had also already seen support in that region, so I think all of that put together aligns with an area where you’d expect a bit of difficulty.
If we were to break above the $20.50 level, then it is possible that we could see this market go much higher. At this point, the market is likely to continue looking to reach the 200-day EMA, which sits just below the $22.50 level. In general, this will have to be helped a little by the interest rate markets, seeing them fall. Ultimately, I think it’s a market that, given enough time, will have to make a bigger decision, but in the short term it looks like we’re going to continue to see some hesitation. The $19 level below is the top of a gap that has yet to be filled, so this may be what we need to do to build a sustainable base.
Looking at this chart, I think the only thing you can count on is high volatility. This will also be the case as we head into the employment count on Friday. It looks like we favor the drop, but that doesn’t necessarily mean it’s going to be an easy decision.
Silver Price Prediction Video for 04.08.22
For an overview of all of today’s economic events, check out our economic calendar.