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Silver Price Forecast – Silver Markets Recapture 25 USD

Christopher Lewis
·2 min read

Silver markets have rallied a bit during the trading session on Tuesday to recapture the $25 level and threatened the recent selloff. We have recently bounced from the 200 day EMA, so that of course is a bullish sign. The 200 day EMA does in fact tend to attract a lot of attention, and with that being the case I think it is only a matter of time before we may get more “hard money” going back into the marketplace. Remember, with yields dropping it does put a little bit of downward pressure on the US dollar, but at the same time people are betting on the reopening trade driving up demand for industrial metal such as silver.

SILVER Video 07.04.21

To the upside, I see the 50 day EMA as a potential barrier, so that is most certainly something that we should be paying attention to. The market breaking above the 50 day EMA could open up a move to the $26.50 level, followed by the $28 level given enough time. Keep in mind, there is a certain amount of a “risk on/risk off” type of feel when it comes to this market, so pay attention to other markets for clues as to how traders are “feeling” about the economic conditions.

Regardless, I think that being stuck between the 50 day EMA and the 200 day EMA will lend a certain amount of volatility into the market anyway, so that something that you need to pay attention to also. I would keep my position size relatively small, but I also recognize that we are on the precipice of something rather large, and it is increasingly looking like a positive move.

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire

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