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Silver Price Forecast – Silver Hanging Onto Trend Line

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Silver markets have been somewhere quiet during the trading session on Thursday, which makes sense considering that the Thanksgiving Day holiday will have taken quite a bit of liquidity out of the market. The shape of the candle stick does suggest that rallies will continue to struggle, and that’s essentially how I am trading silver at the moment. The silver market has struggled with the massive U.S. dollar strength as of late, and this trend line is a perfect example of where the market needs to save itself.

SILVER Video 26.11.21

The 50-day EMA sits just above the $24 level. The $24.00 level should be an area that I think a lot of people will be paying close attention to. If we can break above there, then we can make a run towards the 200 day EMA. Even if that happens, it is still all within the confines of a correction. After all, we have seen a major shot to the downside, and these things typically do not happen on their own and without some type of follow through.

If we break down through the bottom of the candle stick from the Tuesday session, it’s very likely that we will go looking to take out the $23 level, which could open up a move all the way down to the $22 level. I anticipate this is very likely to happen, assuming that the US dollar continues to see strength. In the short term though, this is a market that appears a bit oversold. With that, I am looking for shorting opportunities.

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This article was originally posted on FX Empire

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