Silver Price Forecast – Silver Market Stability

silver markets We gapped a little higher during the trading session on Wednesday, but then fell towards the bottom of the range from the previous trading day. However, we are standing on an uptrend line, so there is likely to be a certain amount of buying pressure here. However, the 50 day EMA is currently above the $24 level, so I think this is an important area to be aware of, as the 50 day EMA has started to slope lower. I think that could be your short term goal in recovery, but whether or not we can shoot to the top is a completely different situation.

Silver Video 25.11.21

On the other hand, if we break below the ascending trend line, broadly above the lows of the previous session on Tuesday, then I think the market will collapse towards the $23, maybe even the $22 level. Silver of course has a huge negative correlation with the US dollar, so this is something worth paying attention to, but all things being equal you need to keep in mind that we have been pretty much sold off in the last couple of days to show extremes. Weakness, so a little recovery may be important. If we break above the 50-day moving average, we will likely head towards the $24.53 level where the 200-day moving average is located. Now that Thanksgiving comes tomorrow, liquidity could be an issue so I won’t read much on the candlestick for the next 24 hours.

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