Yahoo Finance Silver Markets Break the 200 Day EMA
Silver Markets Technical Analysis
Silver markets have broken down during the trading session on Friday to break down below the 200 Day EMA. By doing so, this does suggest that we could put a serious dent in the market, and the $24 level underneath continues to offer a little bit of support, but if we were to break down below that level, then it is likely that we continue to go much lower, perhaps reaching down to the $23 level underneath, maybe even the $22 level. This market is going to continue to be threatened by the US dollar, and as strong as it seems to be getting, silver could be the next fatality.
Rallies at this point would have to be looked at with a little bit of suspicion but could send silver higher to look for the 50 Day EMA next. At that point, the market would then have to deal with the 50 Day EMA, and then perhaps open up the possibility of $25.50 next. Regardless, silver markets are also either structurally forming a major consolidation area or have just formed a “lower high.” Ultimately, this is a market that I think is in serious trouble, and I would be hesitant to start buying anytime soon.
The size of the candlestick is rather negative, just as the previous candlestick was. Ultimately, this is a market that I think continues to see a lot of negativity, and therefore if we were to turn around you probably have plenty of time to get involved. Ultimately, the next 24 hours should be crucial, so I probably will not place a trade until we get a daily close on Monday.
Silver Price Forecast Video 25.04.22
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This article was originally posted on FX Empire