Technical analysis of silver markets
Silver markets were very boisterous in Thursday’s trading session, with the $22 level continuing to attract a lot of attention. Because of this, we saw an initial breakdown, followed by a surge. That being said, this is an area that seems to be getting a lot of two-way attention, and I think it will continue to do so. With that in mind, I’m paying close attention to the low of the candlestick for Wednesday and Thursday, and if we break below it’s likely the market is looking to hit the $21 level next.
Even if we rally from here, the area of concern extends to at least the $23 level, which means we are more likely than not to find sellers sooner rather than later. The 50-day EMA is sitting just above the $23 level and falling, so I think this gives you another area of dynamic resistance that you should pay attention to. Ultimately, I have no interest in buying silver, at least not until we see a massive depreciation of the US dollar. However, there are other concerns to pay attention to, not the least of which will be the lack of global demand as we slow down, and the industrial part of the equation certainly doesn’t look very healthy. The disappearance of short-term rallies will likely continue to be the best way to trade this market.
Silver Price Prediction Video 27.05.22
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This article originally appeared on FX Empire